Diplomacy and airstrikes are happening simultaneously. The United States and Iran are reportedly continuing their indirect negotiations even after US airstrikes hit multiple Iranian targets on June 9-10, with both sides signaling that talks haven’t collapsed despite the obvious tension of bombs falling while diplomats are still exchanging proposals.
For crypto markets, this kind of geopolitical whiplash is poison. Bitcoin dropped 7% in a single session as news of the escalating conflict broke, falling below $66,000 amid a broader flight from risk assets.
What’s actually happening on the ground
US and Iran have been engaged in indirect negotiations since February, when talks kicked off in Oman. The focus has centered on Iran’s nuclear program, a potential ceasefire, and de-escalation around the Strait of Hormuz, one of the most strategically important chokepoints for global oil shipping.
A Qatari delegation arrived in Tehran on June 10 to facilitate continued discussions, following consultations with US officials. Qatar has long served as a back-channel intermediary between Washington and Tehran, and their involvement suggests both parties still see a path forward.
