Reports that the United States and Iran agreed to extend a 60-day ceasefire have so far left Bitcoin broadly stable at $63,500, after the token rose by $500 earlier in the day. The Kobeissi Letter, citing Al Arabiya, said the extension was brokered by Pakistan and emerged just as the previous truce was due to expire today, but there has been no official confirmation from either side. The report landed amid earlier claims of a Trump administration backchannel to Iranian leadership, with Axios saying officials bypassed Iran’s negotiators and used Nechirvan Barzani, the president of the Kurdistan region in Iraq, as an intermediary. Market participants often watch major geopolitical developments for their potential effect on risk assets, and the report said more volatility may follow if Washington or Tehran confirms or denies the ceasefire extension.