The value of Bitcoin decreased slightly in late morning trading on the US East Coast, following reports that President Donald Trump had canceled a planned diplomatic trip related to Iran talks. The cryptocurrency's price fell by around $100 to $77,351, just before noon ET, erasing earlier gains. This decline occurred shortly after a Fox reporter shared Trump's comments on social media, stating that he had canceled a trip by representatives Steve Witkoff and Jared Kushner.
According to the post, Trump stated, 'I told my team a little while ago that they were preparing to leave, but I said, "No, you're not going to make an 18-hour flight to go there. We hold all the cards, and they can contact us anytime they want, but you won't be taking any more long flights to sit around discussing nothing.' Witkoff and Kushner were scheduled to travel to Pakistan for a new round of discussions involving Iran.
However, this development came only hours after Iran's Foreign Minister, Abbas Araghchi, left Pakistan, which had already fueled disappointment over expectations for near-term talks. The decline in Bitcoin's price was relatively limited, suggesting that the market views this development as a short-term risk rather than a long-term shift in the outlook. Market participants are likely to monitor follow-up statements from US officials and any response from Iran, as Trump is expected to address a crypto conference in Palm Beach around noon Eastern Time.