Crypto reverses gains as Iran rules out US negotiations until 2029

Bitcoin surrendered morning gains to trade near $63,890, down 1.98% on the day, after Iran's parliament advisers ruled out negotiations with the Trump administration until 2029. The shift triggered a sharp reversal from earlier optimism about a potential deal involving Oman and the Strait of Hormuz.

Majid Shakeri, an adviser to Iranian Parliament Speaker Mohammad Bagher Ghalibaf, circulated comments through Iranian outlets that Tehran should pursue neither war nor agreement, instead adopting a strategy of deliberate ambiguity and patience until the current US administration's term concludes in January 2029. He argued publicly confirming negotiations would constitute a strategic error.

The remarks sent crude oil jumping roughly 5% to $80 a barrel, placing downward pressure on risk assets across the board. Bitcoin's decline accelerated as traders unwound positioning built on the earlier "Hormuz might reopen" narrative.

Two caveats temper the significance of Shakeri's comments. First, his position as adviser rather than head of state or foreign ministry official makes this influential commentary rather than formal policy declaration. Second, Iran's stated conditions for settlement remain unchanged and maximalist, encompassing compensation claims, release of frozen assets, sanction relief and regional military withdrawal.

Markets nonetheless priced the shift in direction immediately, as the premise underpinning the morning rally—expectations of improved geopolitical conditions—evaporated within hours.