The crypto market crash deepened on Wednesday after US President Donald Trump said the ceasefire with Iran is over. His comments, made at the NATO summit in Ankara, triggered fast and heavy s
The crypto market crash deepened on Wednesday after US President Donald Trump said the ceasefire with Iran is over. His comments, made at the NATO summit in Ankara, triggered fast and heavy selling across digital assets.
Bitcoin fell 2% and slipped near the $62,000 level. Ethereum dropped 2.40% and moved toward $1,740. The total crypto market cap fell 2.27%, landing near $2.14 trillion.
Traders are asking why crypto is crashing right now, and the answer traces back to fresh Middle East tension. Trump said the US had struck Iran "very powerfully" overnight.
He called the strikes payback for Iranian attacks on commercial ships. "Iran shot rockets at ships, that's why the US hit back," he said.
He did not hold back on his choice of words either. He branded Iran "dirty players" and "scum," and said the US "wasted a lot of time" trying to deal with Tehran.
The US military launched new strikes early Wednesday. This came just hours after three merchant ships were hit in the Strait of Hormuz.
US Central Command said the goal was to "impose heavy costs" on Iran for targeting civilian-crewed vessels in an international waterway.
CENTCOM said it hit Iranian air defence systems, radar stations, and more than 60 small boats run by the Revolutionary Guard. These boats have been central to recent harassment of ships passing through the strait.
The Pentagon said it remains "postured and prepared" to act again if Iran does not fall in line, though it noted this specific round of strikes had wrapped up.
Iran confirmed it was hit but gave no numbers on casualties or damage. State media reported explosions in Bandar Abbas, Qeshm, and Sirik.
Altcoins took an even harder hit than Bitcoin during this crypto market crash. XRP, Solana, and BNB each dropped between 3% and 4%.
Smaller altcoins moved even more sharply on liquidation heatmaps. Tokens like EVAA and SPELL showed red across short timeframes, while broader large caps like BTC and ETH stayed in safer territory relative to smaller names.
Asset
Price Level
24h Change
Bitcoin (BTC)
~$62,000
-2%
Ethereum (ETH)
~$1,740
-2.40%
XRP
Near $1 support
-3% to -4%
Solana (SOL)
Near $75 support
-3% to -4%
BNB
Support near $540
-3% to -4%
Total Market Cap
$2.14 trillion
-2.27%
Crypto liquidations todayThe crash triggered a wave of forced closures across leveraged traders. According to CoinGlass data, 145,743 traders were liquidated in the past 24 hours.
Total liquidations came in at $448.76 million. Long positions took the bulk of the damage, with $345.96 million in long liquidations against $102.81 million in shorts.
The single largest liquidation order hit on Binance, an ETHUSDT position worth $7.24 million.
Looking at shorter windows, the 12-hour liquidation total stood at $236.14 million, while the 1-hour window alone saw $6.28 million wiped out. This shows the selling pressure built up fast rather than trickling in slowly.
Timeframe
Total Liquidations
Long
Short
1 hour
$6.28M
$4.87M
$1.40M
4 hour
$123.99M
$113.20M
$10.80M
12 hour
$236.14M
$211.67M
$24.47M
24 hour
$448.76M
$345.96M
$102.81M
Yes. Crude oil jumped 3% to around $75 a barrel as traders priced in fresh Middle East supply risk. Natural gas joined the move too, rising 1%.
Energy markets tend to react fast to any Strait of Hormuz news, since a large share of the world's oil shipments pass through that route daily.
Why is KOSPI down todayThe crypto sell-off did not happen in isolation. South Korea's KOSPI index entered bear market territory on July 8, crashing as much as 5.7% in a single session.
The index has now fallen more than 20% from its record high of roughly 9,385 points, a level it hit only three weeks earlier on June 19.
Much of that earlier rally had been driven by AI-related stock enthusiasm, and this crash erased a big chunk of those gains.
Crypto price prediction after Iran newsTraders are watching a few key support levels closely. If Bitcoin holds $60,000, Ethereum holds $1,700, XRP holds $1, and Solana holds $75, a short-term pullback or stabilization could follow.
However, if tensions with Iran escalate further, fresh panic selling is possible across both crypto and broader risk assets.
Markets tend to stay jumpy during active geopolitical conflict, and headlines out of Ankara or Tehran could move prices again within hours.
This is not a guaranteed outcome either way. Crypto price action right now is being driven mostly by headlines, not by any single technical pattern, which makes it harder to call with confidence.
DisclaimerThis article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and can result in significant losses. Always do your own research and consult a licensed financial advisor before making any investment decisions.
