The value of Bitcoin decreased slightly in the late morning on the US East Coast, following US President Donald Trump's announcement that he had canceled a planned diplomatic trip related to talks with Iran. The price of the largest cryptocurrency fell by approximately $100 to $77,351, just before noon ET, erasing its earlier modest gains.
This decline occurred shortly after a Fox reporter shared Trump's comments on social media, in which he stated that he had canceled the trip for envoys Steve Witkoff and his son-in-law, Jared Kushner. According to the post, Trump said, 'I informed my team a while back that they were preparing to leave, and I told them, "No, you're not going to make an 18-hour flight to go there.
We hold all the cards. They can contact us anytime they want, but you won't be taking 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.
This development came just hours after Iran's Foreign Minister, Abbas Araghchi, left Pakistan, which had already dampened expectations for near-term talks. However, the decline in Bitcoin's price 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 monitor 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.