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Bitcoin and Ethereum decline by 2% following Vance's statement

After the sudden fluctuations experienced in the cryptocurrency market on Saturday night, synchronized declines were observed in leading cryptocurrencies as well as significant altcoins. The trigger for this movement was a statement made by U.S. Vice President J.D. Vance. Vance announced that no agreement had been reached in the ongoing negotiations between America and Iran aimed at extending the ceasefire.

Selling pressure in the market after Vance's statement
Representatives from both countries had met in Pakistan to overcome the deadlock after nearly six weeks of U.S. efforts. During the press conference held after the meeting, Vice President Vance's message that "no agreement was reached" caused noticeable fluctuations in the market.

Immediately after the announcement, Bitcoin's price dropped to $71,600, while Ether fell below $2,200. XRP also declined to $1.33. The downward movement in the market was not limited to these three assets. The CoinDesk 20 index also fell to 1,188.52, experiencing an approximate 2% loss.

The primary reason for this rapid decline in the markets is attributed to the lack of progress in the negotiations and the expectation that tensions in the region will continue.

During the press conference, Vance emphasized America's demands and stated which issues they are open to making concessions on. However, some topics have directly become off the table for negotiations.

It was highlighted that the U.S. has two main "red lines." The first is that Iran should not pursue nuclear weapons. The second is that Iran should not have access to any technology that could rapidly advance its nuclear program. These points were reported to be obstacles to reaching an agreement in the negotiations.

Vance stated that the U.S. clearly communicated its red lines, explicitly outlined where compromises could be made, and conveyed this message to their counterparts in the clearest terms.

Despite all efforts, the inability to make progress in these negotiations increases the likelihood of prolonged market volatility. Both regional developments and high volatility in the crypto markets have led investors to adopt a cautious approach.