Diplomacy takes centre stage this morning as a senior US envoy says a deal with Iran is now very close, even as overnight explosions near the Strait of Hormuz and fresh missile interceptions over Saudi Arabia underline how fragile the calm remains. In markets, Bitcoin has slid below $78,000 in a sharp overnight sell-off, and the entertainment world is mourning the death of Sir Patrick Stewart at 86.
US envoy says US-Iran deal is "very close"
US envoy Thomas Barrack has said a deal between the United States and Iran is very close, crediting Qatar and Pakistan for their mediation efforts and urging a pause before any escalation. The comments mark a notably more optimistic tone than the previous day's position, when a letter from Vice President JD Vance was still unanswered and Iran's parliament speaker had set out seven conditions for progress. Barrack's remarks suggest negotiators are now pushing for a timeout to give diplomacy room to work, though no agreement has yet been announced.
Explosions heard near Hormuz and Qeshm Island overnight
Residents near the Strait of Hormuz reported hearing explosions and seeing flashes overnight around Qeshm Island, according to live reporting. Iran's Fars news agency suggested the sounds may have been warning shots fired at vessels violating regulations, but the cause remains unconfirmed and no casualties or damage have been reported. Separately, the Saudi-led coalition said it intercepted two Houthi missiles headed toward Riyadh, an incident distinct from an earlier interception over the kingdom's eastern region.
Sir Patrick Stewart dies aged 86
Sir Patrick Stewart, best known as Captain Jean-Luc Picard in Star Trek and Professor Charles Xavier in the X-Men films, has died at the age of 86. He died at his home in Los Angeles on Wednesday, October 28, after living with Alzheimer's disease and Lewy body dementia. Tributes have poured in from across the entertainment world, including from Marvel, the actors' union SAG-AFTRA, and co-stars Hugh Jackman and William Shatner.
Bitcoin drops below $78,000 as selling accelerates
Bitcoin fell sharply overnight to about $77,942, down 4.11 percent, breaking below $78,000 for the first time in this sell-off after trading near $79,215 only hours earlier. Ether fell 4.47 percent to about $2,252. Market watchers point to heavy selling by large holders, with whales reported to have sold roughly 160,000 ETH worth around $348 million in recent days, alongside about 100,000 ETH in net inflows to exchanges. Traders are now watching a roughly $11 billion Bitcoin options expiry on Deribit due at 13:00 PKT today, which could add further volatility.
Market snapshot
Bitcoin traded near $77,942, down 4.11 percent, while Ether stood near $2,252, down 4.47 percent. Brent crude was around $115.66 a barrel. Today also brings the Coinbase conversion of 14 EEA assets, Binance's removal of 12 spot pairs and 10 margin pairs, and the deadline for comments on the US shipping-fee suspension proposal, while no new spot exchange delisting announcements were reported.
Sources
US-Iran deal: Gulf News live blog and CNN. Hormuz explosions and Riyadh interceptions: Times Now live blog, Fars news agency, and Gulf News live blog. Patrick Stewart: AFP, via Al Jazeera, Al Etihad, and Free Malaysia Today. Crypto prices and whale activity: Finnhub live market data and KuCoin. Oil price: oilpriceapi. Exchange and trade calendar items: exchange notices and the US Trade Representative's proposal as tracked in the news watch.
