Bitcoin’s rally toward $72,000 stalled Wednesday after Iran dismissed U.S. claims of ongoing ceasefire negotiations, calling them baseless.
Iran’s state media FARS reported that no talks have taken place since late February, directly contradicting former President Donald Trump’s assertion earlier this week that diplomatic discussions were underway and had prompted a five-day pause on potential military strikes against Iranian energy infrastructure.
Despite offers from international mediators, Tehran affirmed it would maintain its military defenses.
The crypto market reacted swiftly. Bitcoin peaked near $72,000 before retreating to $71,580-a modest 1.5% gain over 24 hours-but bullish momentum faded as geopolitical uncertainty resurfaced.
On-chain data revealed sharp trader volatility: one whale opened a 40x short on 1,000 BTC and a leveraged long on Brent crude, only to see both positions go underwater before reversing course. Another major player, address “0x049b,” simultaneously placed 20x long bets on 9,256 ETH and 282 BTC, signaling continued high-stakes speculation.