The United States and Iran are closing in on a 60-day extension of their ceasefire, a move that would also open the door to structured negotiations over Iran’s nuclear program. The Financial Times reported the development as both sides continue indirect talks, mediated by Pakistan, that have kept hostilities paused since early April.

The ceasefire originally kicked off on April 8 with a modest two-week window. No direct fire has occurred between the two nations since April 7, and the truce has been extended multiple times since its initial term.

Pakistan has played the role of intermediary, hosting significant rounds of US-Iran discussions in Islamabad around mid-April. The two sides aren’t sitting across from each other directly, instead exchanging proposals through intermediaries.

The core sticking points center on Iran’s nuclear program. Specifically, the US has floated proposals that would allow Iran limited low-level uranium enrichment while seeking constraints on enrichment levels and overall stockpile size. Iran’s highly enriched uranium reserves remain the biggest point of contention.

Secretary of State Marco Rubio has publicly acknowledged progress, though he’s framed the outlook as cautiously optimistic rather than celebratory. Internal divisions within Iran’s political establishment are complicating matters on the other side, making it harder for Iranian negotiators to commit to concrete terms.

The extension would push past a critical 60-day War Powers Resolution deadline that has been looming over the White House, giving President Trump more room to maneuver without immediate congressional pressure to escalate or withdraw.

How markets have responded so far

Bitcoin surged to approximately $78,000 following earlier ceasefire extension announcements in April, a clear sign that traders were pricing in reduced geopolitical risk.

No specific crypto tokens have been directly tied to the diplomatic talks. This isn’t a case where a particular protocol or project benefits from the negotiations. It’s a macro-level sentiment shift.

The broader context

Prior to April, the US conducted strikes against Iranian targets, which prompted a series of Iranian responses that escalated tensions significantly. President Trump’s decision to halt hostilities and pursue a diplomatic channel represented a notable pivot, giving both sides breathing room.

Pakistan’s emergence as a mediator is itself a geopolitical storyline worth watching. The country has maintained relationships with both Washington and Tehran, positioning it as one of the few nations capable of facilitating these conversations. The Islamabad talks in mid-April marked a significant moment in that mediation effort.