Emre Yumlu 
Global markets opened the week under the shadow of escalating geopolitical uncertainty. As negotiations between the United States and Iran over Tehran’s nuclear program enter what officials describe as a critical 48-hour window, investors are recalibrating risk exposure. The result has been a clear divergence between risk assets and traditional safe havens: Bitcoin moved lower, while gold and silver extended gains.
Diplomatic Talks Approach a Decisive Moment
Diplomatic sources indicate that the coming two days could prove pivotal for the future of U.S.–Iran nuclear discussions. If Iran presents a proposal acceptable to Washington within this timeframe, negotiations are expected to resume in Geneva on Friday. Reports in U.S. media suggest that the current offer may represent the final opportunity extended by the Trump administration.
Separately, a senior Iranian official told Reuters that Tehran may be willing to make concessions on its nuclear program in exchange for sanctions relief. The possibility of allowing U.S. companies to participate in oil extraction activities has also been mentioned. However, substantial disagreements reportedly remain between the parties, underscoring the fragility of the process.
Bitcoin Pulls Back, Liquidations Surge
Bitcoin, which traded in the $67,000–$68,000 range over the weekend, retreated amid the rising geopolitical tension. During overnight trading, the leading cryptocurrency declined to as low as $64,200.
The pullback triggered increased volatility in derivatives markets. Over the past 24 hours, 135,199 traders were liquidated, with total liquidations exceeding $455 million. While digital assets have at times benefited from geopolitical instability, the current environment appears to be prompting short-term risk reduction among market participants.
Gold and Silver Reassert Safe-Haven Status
Precious metals, by contrast, attracted renewed demand. Over the past two years of recurring tensions involving Iran, the U.S., and Israel, gold has climbed from around $2,000 to as high as $5,600. Entering the new week, the metal once again responded positively to geopolitical uncertainty. Spot gold, which had recently reclaimed the $5,000 level, rose 1% overnight to $5,165.
Silver posted an even stronger performance, advancing more than 3% to surpass $87.
The current landscape suggests that market volatility will remain closely tied to diplomatic developments. As uncertainty intensifies, capital flows appear to be shifting toward assets traditionally viewed as stores of value during periods of geopolitical stress.
This content does not constitute investment advice.
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