The US and Iran are trading blows for the second consecutive night, and crypto markets are doing what they always do when geopolitical risk spikes: flinching.
Bitcoin slid to around $62,893 on July 8, dropping roughly 1% intraday, while Ethereum, XRP, and Solana fell between 1% and 2.3%. Meanwhile, oil prices jumped more than 2% to hit $72.27 per barrel.
What happened and why it matters
US forces struck more than 80 Iranian military targets on July 7, 2026. Iran responded by claiming attacks on 85 US installations across Bahrain and Kuwait. President Trump declared on July 8 that the ceasefire he had announced on June 24 “is over,” calling Iranian leadership “liars.”
The conflict traces back to coordinated US and Israeli operations against Iranian nuclear and military sites that began on February 28, 2026. Since then, hostilities have included incidents in the Strait of Hormuz, a critical chokepoint for global oil shipments.
