The United States and Iran have reportedly agreed to extend their 60-day ceasefire, a deal brokered by Pakistan, according to reports that have not been confirmed by either side. The previous ceasefire expires today, leaving the region on edge. Bitcoin, meanwhile, is holding at $63,500 after a $500 jump earlier today, with traders bracing for more volatility once the reports are confirmed or denied.
No official word from either side
Neither Washington nor Tehran has issued a statement on the reported extension. The silence is notable because the deadline is today. Pakistan's role as broker adds a layer of complexity, but without official confirmation, the extension remains a rumor — albeit one with serious consequences.
Previous reports indicated that President Donald Trump had established a backchannel with officials of Iran's Revolutionary Guard. That channel appears to have been used here, according to Axios, which reported that the Trump administration bypassed Iran's negotiators and reached out directly to the country's leadership.
The backchannel through Barzani
Axios said the administration tapped Nechirvan Barzani, president of the Kurdistan region in Iraq, to relay messages. Barzani had the trust of both the US and Iranian leaders, making him a rare intermediary in a relationship that has been defined by hostility.
The move to sidestep Iran's official negotiators suggests a level of distrust that goes beyond the usual diplomatic friction. It also raises questions about how much the Iranian leadership actually knows about the reported extension.
Trump's demands and the Oman warning
Trump has reportedly said that Iran should raise the 'white flag of surrender' and reiterated his core demand that the country must not have a nuclear weapon. Those are maximalist positions, but they've been consistent throughout his presidency.
He's also warned Oman against interfering with US actions. The Omani government had reportedly tried to negotiate a deal for the reopening of the Strait of Hormuz, a move that clearly didn't sit well with the White House. That warning is a reminder that the US is willing to police its allies as much as its adversaries.
Bitcoin's muted reaction
Bitcoin has barely moved. The price sits at $63,500 after a $500 bump earlier today. That's a modest gain for a geopolitical event of this magnitude. Historically, major war developments have impacted Bitcoin's price, but so far the market is treating this as a non-event.
That could change quickly. Volatility is expected once either side confirms or denies the extension. Traders are likely waiting for a single statement — from Trump or from Tehran — to set the direction.
With the deadline expiring today, the clock is ticking for an official word. Until then, Bitcoin's calm may be the exception, not the rule.
