Bitcoin Drops Below $75,000 as Iran Seeks to Shift Meeting Format with the US

Bitcoin’s price experienced another leg down in the last hours, dropping from around $78,000 to $74,780 in a couple of red candles. The move resulted in approximately $20 million in liquidated derivatives positions across major exchanges, with the majority held long.

Over the past hour alone, BTC lost around 1.7% of its value. The majority of altcoins followed suit. ETH dropped by 2 percent, XRP by 1.56%, SOL by 1.5%, ADA by 2.6%, and so forth.

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

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

Bitcoin continues to trade pretty much in contrast to traditional safe havens like gold, which haven’t reacted to the news. On the contrary, the precious metal registers an increase of around 3.5% in the past 24 hours, while BTC is down by almost 5% over the same period, signaling the breadth of the ongoing bear market.

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