[DigitalToday reporter Yoonseo Lee] Bitcoin fell to the $70,000 range after talks between the United States and Iran collapsed. On April 12 (local time), blockchain outlet BeInCrypto reported that bitcoin briefly came close to $74,000 over the weekend but gave up most gains after news of the breakdown.

Bitcoin traded in the $70,000 range, down about 3.6 percent from 24 hours earlier. Total cryptocurrency market capitalisation also fell about 1.7 percent, and most major tokens weakened. Ether slipped to around $2,190, and XRP fell to as low as $1.32.

The immediate backdrop to the market decline was that peace talks between the United States and Iran in Islamabad, Pakistan, ended without agreement. Bitcoin had rebounded after a two-week ceasefire was announced, but attention returned to the ceasefire's unstable state. Israel's air strikes on Lebanon continued, and Iran said it would impose a cryptocurrency transit fee on ships passing through the Strait of Hormuz.

After the breakdown, the two sides offered different accounts of who was responsible. Iran's state broadcaster IRIB said, "Despite several proposals by the Iranian delegation, unreasonable demands from the U.S. side prevented progress," and it formalised the end of the talks. A source close to Iran's negotiating team also claimed the United States tried to extract through diplomacy what it could not obtain through war, and said there were no plans for another round of talks.

The United States, for its part, said it approached the negotiations with flexibility. U.S. Vice President JD Vance said at a local briefing, "The U.S. delegation was quite receptive," and added, "Despite our best efforts, we did not reach progress in the talks." He stressed that Iran must not only refrain from developing nuclear weapons but also provide assurances that it would not secure capabilities that could lead to nuclear weapons development. He also said the United States had already conveyed its best proposal to achieve that and would watch whether Iran accepts it.

Security tensions also added to market uncertainty. U.S. Central Command said two U.S. Navy destroyers passed through the Strait of Hormuz to begin mine-clearing operations, but Iran categorically denied the claim. Control of the Strait of Hormuz and the nuclear programme remained key issues that were not resolved in these talks.

The deadlock is also weighing on the sustainability of the two-week ceasefire. Pakistan's foreign minister urged that it was essential for both sides to keep their ceasefire pledges. Against this backdrop, the crypto market is again focusing on Middle East developments, whether the ceasefire will hold, and whether Iran will accept the final proposal presented by the United States.

Vance: U.S. leaves Pakistan talks without agreement after 21 hours Speaking after marathon negotiations in Islamabad, Vice President JD Vance outlined the outcome and U.S. position, saying Washington has shared with Iran its “final and best offer” on “a method of… pic.twitter.com/nim0r9YEFh