Bitcoin was climbing back this week, clawing toward the $64,500 zone after a rough stretch. Then President Trump spoke at the Ankara Summit and called the US-Iran ceasefire "over," adding that further talks are a "waste of time." That single line flipped the mood across every market including risk assets within hours.
Source: X Official
Speaking at the Ankara Summit, Trump delivered the Ankara declaration, calling the ceasefire done and further talks a waste of time. France24, CBS, and Axios all confirmed the Trump Iran ceasefire over remarks on July 8, 2026.
This latest US-Iran war update follows months of shaky truces through 2025 and 2026, marked by violations and strikes near the Strait of Hormuz.
Intermediaries including Steve Witkoff and Jared Kushner worked on prior rounds of talks, but the latest breakdown ends that effort for now.
Crude oil jumped to $74.666, up 6.00%, while Brent climbed to $78.590, up 5.97%, an oil spike tied directly to the ceasefire collapse. Stock markets fell across the board: the US500 dropped 1.05%, the Nasdaq slid 1.16%, the Nifty lost 2.36%, and Japan's JP225 tumbled 3.67%, dragging the wider global market lower.
The broader crypto market dropped alongside stocks in a classic risk-off move, down 2% in 24 hours.
Source: CoinMarketCap Official
Bitcoin price also reacted, now trading at $61,779.34, down 2.23%. Market cap sits at $1.23T, also down 2.24%. Trading volume fell harder, dropping 16.24% to $31.68B in the same window.
This BTC price news lines up with reports of US strikes on Iran and comes just as traders wait on the Federal Reserve's June meeting minutes, due July 8.
The Strait of Hormuz carries close to 20% of the world's oil and LNG. Repeated US-Iran War attacks and closures during the 2025-2026 conflict have already pushed daily tanker transits from over 100 ships down toward zero at times.
Prior ceasefires and de-escalations, like the deals reached in April and June 2026 that reopened the strait, pushed Bitcoin up between 5% and 18% as oil eased and risk appetite returned. Ceasefire breakdowns did the reverse, dragging crypto down while oil spiked anywhere from 10% to over 60%.
Prior truce gains: BTC up 5-18% on lower oil and better risk mood
Prior breakdown losses: oil spikes of 10-60%+, BTC drops short-term
Strait disruption: transits near zero at peak blockade periods
Bitcoin failed to hold above $64,500 and is now consolidating between support near $62,000. A break below $60,000 opens the door to a retest of the $56–$57K zone.
Jiang Zhuoer, China’s one of the top Bitcoin miners, already expected the coin price to be in the $42K–$44K range by the end of 2026.
For support, renewed inflows into US spot Bitcoin ETFs, a rebound in the Coinbase Premium after more than 50 days in negative territory, and clarity from rulings like MSCI's index decision would all support a bounce.
Whale wallets have already pulled supply off exchanges at a fast pace this year, setting up sharper moves once demand returns, though near-term direction stays tied to how this Middle East conflict unfolds.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Crypto markets carry significant risk. Always do your own research before making any investment decisions.
