Crypto market dips as presidential intervention scraps high-stakes Middle East diplomatic mission involving prominent real estate figures

Bitcoin edged lower late morning on the U.S. East Coast after U.S. President Donald Trump's comments signaled a halt to planned diplomatic travel tied to Iran talks.

The largest cryptocurrency dropped about $100 to $77,351 just before noon ET, reversing a modest earlier gain. The move came minutes after a Fox reporter posted Trump’s remarks on X, where he said he had canceled a trip by envoys Steve Witkoff and Trump's stepson, 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. We have all the cards. They can call us anytime they want, but you're not going to be making any more 18 hour flights to sit around talking about nothing’,” Trump said, according to the post.

Witkoff and Kushner had been expected to travel to Pakistan for a new round of talks involving Iran. The shift came only hours after Abbas Araghchi, Iran’s foreign minister, left Pakistan, a detail that had fueled disappointment over expectations for near-term discussions.

However, the decline in BTC was limited, suggesting markets viewed the development as a short-term risk signal rather than a shift in the broader outlook.

Market participants will likely watch for follow-up statements from U.S. officials and any response from Iran. Trump is expected to speak at a crypto conference in Palm Beach around noon Eastern time.