Bitcoin fell from its intraday high today after US President Donald Trump canceled his envoys’ trip to Pakistan for negotiations with Iranian officials. However, the president also indicated that this does not mean that he plans to resume the war against Iran.
Trump cancels his envoys’ trip to Pakistan, and Bitcoin declines
in Share XFox’s White House correspondent, Aisha Hosni, revealed that Trump said he unilaterally canceled the trip to Pakistan for peace talks with Iran conducted by special envoys Steve Witkoff and Jared Kushner. “I told my people a short while ago that they were preparing to leave, and I told them: ‘No, you are not going to make an 18-hour trip to go there,'” the president said.
President Trump also stated that they have all the cards and that Iran can contact the United States anytime it wants. Bitcoin fell on this development as the second round of peace talks between the US and Iran now looks uncertain.
BTC’s price is currently trading at around $77,200, after a sharp decline from an intraday high of around $78,000, according to TradingView data. It is worth noting that the peace talks were already uncertain, as Iranian Foreign Minister Abbas Araqchi left Pakistan earlier today after meeting with Pakistani officials, indicating that Iran has no plans to meet US negotiators.
In a post on Truth Social, President Trump confirmed that he had canceled his representatives’ trip to Pakistan to meet with the Iranians. He said: “A lot of time has been lost traveling, and a lot of work! And besides, there is massive infighting and confusion within their leadership.”
The president added that no one knows who is responsible, and that the United States holds 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 after Trump’s social truth post.
The war will not resume despite the cancellation of the talks
President Trump told Axios that this does not mean he plans to resume war against Iran, which is a positive for Bitcoin and the broader cryptocurrency market. He added that they had not thought about it yet. However, the United States continues to pressure Iran to reach an agreement, including by imposing new sanctions.
As CoinGape reported, The US froze $344 million in USDT associated with Iran. Meanwhile, the US blockade of the Strait of Hormuz remains in place, with Trump stating that Iran is losing $500 million a day, thanks to the blockade.
The ceasefire between the United States and Iran remains in place, with President Trump extending it indefinitely. He said earlier this week that he was extending by two weeks the ceasefire, which originally expired on April 22, until Iran comes forward with a unified proposal to end the war.
