President Donald Trump announced that the ceasefire between the United States and Iran is officially over, warning Tehran of retaliation if it targets American interests. The declaration, made during the NATO summit in Ankara on July 8, immediately rippled through global financial markets, with Bitcoin dropping more than 3% to trade around the $61,500 level.
The broader crypto market followed suit. The CoinDesk 20 Index fell approximately 2.9%, confirming what traders already suspected: geopolitical risk is still the single fastest catalyst for crypto sell-offs.
What happened and why it matters
Trump’s announcement came after the US launched retaliatory airstrikes against Iranian targets. Those strikes were a response to Iranian aggression against commercial vessels in the Strait of Hormuz, one of the most strategically important shipping chokepoints on the planet.
Roughly 20% of the world’s oil passes through the Strait of Hormuz on any given day. When someone starts shooting near it, markets notice.
