Bitcoin falls below $75,000 as Iran tries to change meeting format with US

Bitcoin prices are falling along with the rest of the cryptocurrency market as the downturn continues.

The price of Bitcoin experienced another decline in the past few hours, falling from around $78,000 to $74,780 in a pair of red candles. This move resulted in approximately $20 million in liquidated derivatives positions on the major exchanges, the majority of which were held long.

In the past hour alone, BTC lost approximately 1.7% of its value. The majority of altcoins followed suit. ETH fell 2 percent, XRP 1.56%, SOL 1.5%, ADA 2.6%, and so on.

The sudden drop comes as Iran seeks a new format for nuclear talks with the United States. Recall that many regional (Middle Eastern) powers, such as Egypt, Qatar, Saudi Arabia and Oman, tried to get Iran and the US to talk in Istanbul this Friday.

Now Iran is reportedly only seeking a bilateral meeting with the US.

This shift could derail diplomatic efforts and increase the risk of a U.S. military response against Trump’s Gulf buildup. – Reads the report.

Bitcoin virtually continues to trade unlike traditional safe havens such as gold, which have not reacted to the news. On the contrary, the precious metal is registering an increase of around 3.5% in the last 24 hours, while BTC has fallen almost 5% in the same period, indicating the extent of the ongoing bear market.