Trump cancels Iran talks, BTC drops — the war premium is back in crypto

Bitcoin fell after Trump reportedly canceled Steve Witkoff and Jared Kushner’s trip for Iran negotiations, dashing hopes of a Hormuz de-escalation. Brent crude holds above $105. The IEA is warning about energy security. And the prospect of diplomatic resolution just evaporated. Bitcoin spent the last week acting like a risk asset — rising on trade talk optimism, falling on war headlines. But the long-term thesis hasn’t changed: every dollar of oil revenue that gets disrupted, frozen, or sanctioned increases the incentive for an alternative settlement layer. The question is whether that layer is Bitcoin or something controlled by a central bank. Today it dropped. Tomorrow is another story.