Bitcoin Falls 3% to $61,480 as Trump Declares Iran Ceasefire ‘Over’

Bitcoin fell more than 3% to around $61,480 on Wednesday as President Trump declared the U.S.-Iran ceasefire over and threatened additional military strikes. The selloff followed U.S. strikes on more than 80 Iranian targets and the reimposition of oil sanctions. Geopolitical risk sent cryptocurrencies, stocks, and oil prices higher, with nearly $300 million liquidated from crypto markets in 24 hours.

Trump ends ceasefire, threatens more strikes

President Trump told reporters in Ankara on July 8 that the memorandum of understanding with Iran is “over” and said the U.S. “probably” will hit Iran again that night. Trump said the U.S. has not yet attacked Iran at the “highest level” and could target electric plants and desalination plants if needed. His comments came after the U.S. military completed strikes on over 80 Iranian targets on July 7 in response to Iranian attacks on commercial ships near the Strait of Hormuz.

Crypto markets face $300 million in liquidations

Nearly $300 million was liquidated from cryptocurrency markets in the past 24 hours, predominantly from bullish long positions, according to Coinglass data. Bitcoin’s open interest fell 2.90% over the same period. The Crypto Fear & Greed Index slipped back into “Extreme Fear” territory. Ethereum fell to the mid-$1,770 region after briefly topping $1,800, while XRP and Dogecoin also traded lower.

Broader market pullback on geopolitical risk

U.S. stocks retreated as Iran tensions escalated. The Dow Jones fell 130.76 points, or 0.25%, to 52,925.15. The S&P 500 slid 0.45% to 7,503.85, while the Nasdaq Composite declined 1.16% to 25,818.69. Cryptocurrency-related stocks also fell, with Strategy Inc. down 3.38% and Bitmine Immersion Technologies down 4.82%. Oil prices climbed on the escalation, with Brent crude surging to $76.60 per barrel.

Shipping disruption deepens amid military conflict

Only 20 commercial vessels transited the Strait of Hormuz in the past 24 hours, far below the pre-war average of 110 vessels daily. GPS spoofing incidents intensified around noon Eastern time on July 8, with dozens of vessels appearing to disappear from tracking systems or spoofed to incorrect locations. Before the war, roughly one-fifth of the world’s oil and liquefied natural gas supply crossed the strait daily, making the waterway critical to global energy markets.

Final Thoughts

Bitcoin’s 3% drop reflects renewed geopolitical risk rather than crypto-specific weakness. With military escalation and shipping disruptions deepening, safe-haven assets like gold and oil are rising while risk assets face pressure. Investors should monitor Trump’s next moves and Iran’s response for further market impact.

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