Iran Rejects US Talks, Bitcoin Price Plunges Amid Global Market Uncertainty
Bitcoin's price dropped to $62,229 on Monday after Iran rejected talks with the US, despite earlier hopes that diplomacy could ease tensions.
The cryptocurrency had briefly risen to around $63,700 following a statement from President Donald Trump that he was canceling a planned military strike on Iran in favor of negotiations. However, this rally quickly faded when Iran's Foreign Ministry spokesperson Esmaeil Baghaei denied any talks with the US were taking place.
Baghaei stated that discussions with Oman are only about creating a temporary shipping route through the Strait of Hormuz, adding to the uncertainty surrounding global markets.
The rejection of talks has put pressure on Bitcoin's price, which is currently trading near $62,560 and down 1.35% over the past 24 hours. The overall crypto market has also weakened, with total market capitalization falling 1.14% to $2.15 trillion.