The value of Bitcoin decreased slightly in the late morning on the East Coast of the United States, following an announcement by President Donald Trump that he had canceled a planned diplomatic trip related to Iran talks. The cryptocurrency's price fell by approximately $100 to $77,351, just before noon ET, reversing its initial modest gain. This shift occurred shortly after a Fox reporter shared Trump's comments on social media, where he revealed that he had called off the trip by representatives Steve Witkoff and Jared Kushner, his son-in-law.
According to the post, Trump stated, 'I informed my team a while back that they were preparing to leave, and I said, 'No, you won't be taking an 18-hour flight to go there. We hold all the cards. They can contact us anytime they want, but you won't be making any more 18-hour flights to sit around discussing nothing.'' Witkoff and Kushner were expected to travel to Pakistan for a new round of discussions involving Iran. The cancellation came just hours after Iran's Foreign Minister, Abbas Araghchi, left Pakistan, which had fueled disappointment over expectations for near-term talks.
However, the decline in Bitcoin's value was limited, suggesting that the market viewed this development as a short-term risk rather than a change in the overall outlook. Market participants are likely to watch for follow-up statements from US officials and any response from Iran.
Trump is expected to speak at a cryptocurrency conference in Palm Beach around noon Eastern Time.