Is Bitcoin in Further Trouble as Trump Halts Iran Talks and Tensions Rise?

Although the ceasefire between the US and Iran was extended during the week, the peace talks between the two sides continue to fail, this time even before they began.

US President Donald Trump announced earlier today that the US delegation, scheduled to be represented by Jared Kushner and Steve Witkoff, will not go to Pakistan to meet with the Iranian authorities.

“I just cancelled the trip of my representatives going is [to] Islamabad, 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.” Nobody knows who is in charge, including them,” reads his message.

Nevertheless, the POTUS added that the US has “all the cards,” while Iran has “none.” However, if Iran wants to talk, “all they have to do is call.”

It’s worth noting that minutes before Trump’s statement on his social media platform, reports emerged that Iran’s foreign minister had departed Pakistan without meeting with the US reps.

Almost all major announcements on the US-Iran front have eventually led to price volatility for bitcoin and the crypto market. In this case, BTC was rejected at nearly $78,000 and driven south by almost a grand.

However, the real volatility typically arrives on Sunday evenings and Monday mornings when the legacy spot and futures markets start to open. Unless there’s any other major activity, this lack of progress on the permanent peace front is likely to put more selling pressure on the market.

During the business week, BTC jumped to a multi-month high of almost $80,000 after Iran and the US extended the ceasefire.

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