Iran, the United States, and mediator Pakistan all confirmed on Saturday that progress had been made in talks aimed at ending nearly three months of direct hostilities. The announcement came from New Delhi and Dubai, where the parties have been engaged in shuttle diplomacy since a conditional ceasefire took hold on April 8.

For crypto markets, this isn’t just another geopolitical headline. It’s a story about $7.7 billion in Iranian-controlled digital assets, $500 million in seized crypto, and a Bitcoin price that has been moving in near-lockstep with every negotiation update.

What the talks actually cover

The negotiations center on a handful of enormously consequential issues: Iranian nuclear restrictions, the…