Bitcoin is down from its intraday high today after U.S. President Donald Trump canceled his envoys’ trip to Pakistan for negotiations with Iranian officials. However, the president also noted that this doesn’t mean he plans to resume the war against Iran.
Trump Cancels Envoys’ Trip To Pakistan, Bitcoin Falls
In an X post, FOX’s White House correspondent Aishah Hasnie revealed that Trump said he had unilaterally canceled the trip to Pakistan for Iran peace talks by special envoys Steve Witkoff and Jared Kushner. “I’ve told my people a little while ago they were getting ready to leave, and I said, ‘Nope, you’re not making an 18-hour flight to go there,” the president said.
President Trump also mentioned that they have all the cards and that Iran can call the U.S. anytime they want. Bitcoin fell on the back of this development as the second round of U.S.-Iran peace talks now looks uncertain.
The BTC price is currently trading at around $77,200, after sharply falling from an intraday high of around $78,000, according to TradingView data. It is worth noting that peace talks were already uncertain, as Iranian Foreign Minister Abbas Araghchi had left Pakistan earlier today after his meeting with Pakistani officials, signaling that Iran had no plans to meet with the U.S. negotiators.
In a Truth Social post, President Trump confirmed that he had canceled the trip of his representatives to Pakistan to meet with the Iranians. “Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their “leadership,” he said.
The president added that nobody knows who is in charge, and that the U.S. has all the cards while Iran has none. He reiterated that if Iran wants to talk, all they have to do is call. Bitcoin extended its decline following Trump’s Truth Social post.
War Isn’t Resuming Despite Canceled Talks
President Trump told Axios that this doesn’t mean he is planning to resume the war against Iran, which is a positive for Bitcoin and the broader crypto market. He added that they haven’t thought about it yet. However, the U.S. continues to pressure Iran to reach a deal, including by imposing new sanctions.
As CoinGape reported, the U.S. froze $344 million in USDT linked to Iran. Meanwhile, the U.S. blockade at the Strait of Hormuz is still in place, with Trump stating that Iran is losing $500 million daily, thanks to the blockade.
The U.S.-Iran ceasefire remains in place with President Trump extending it indefinitely. He mentioned earlier this week that he was extending the 2-week ceasefire, which originally expired on April 22, until Iran comes up with a unified proposal to end the war.