Bitcoin and Ethereum prices have again dropped more than 2% today after U.S. President Donald Trump declared the ceasefire with Iran was “over.” This came after the U.S. launched strikes in r
Bitcoin and Ethereum prices have again dropped more than 2% today after U.S. President Donald Trump declared the ceasefire with Iran was “over.” This came after the U.S. launched strikes in response to Iran’s attacks on three commercial vessels in the Strait of Hormuz.
Following this news, as oil jumped 6%, Bitcoin fell to $61,700, and Ethereum slipped below $1,740.
Speaking at the NATO summit, U.S. President Donald Trump said the ceasefire agreement with Iran was now finished.
“To me, I think it’s over. I don’t want to deal with them anymore. Dealing with Tehran is a waste of time.”
According to the U.S. military, more than 80 targets were hit after Iran attacked three commercial vessels passing through the Strait of Hormuz, including ships linked to Qatar and Saudi Arabia.
Iran quickly responded by accusing the U.S. of violating the agreement. Parliament Speaker Mohamad Bagher Ghalibaf said the U.S. had broken the ceasefire agreement by launching fresh attacks, bringing back oil sanctions, and continuing military action in the region.
Major MOU Violations by the US:Violating Iranian adjustments in the StraitPersistent threats of further strikesReinstating oil sanctionsAttacks on southern IranContinued Zionist aggression on🇱🇧The era of bullying and extortion is over. It leads nowhere. We don’t fold.
— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) July 8, 2026
Also Read : Bitcoin (BTC) Price Prediction 2026, 2027 – 2030
The U.S.-Iran conflict is not the only reason behind the Bitcoin price drop. Stablecoins, which are often called the cash of the crypto market, have seen a shrink in the cash flow.
Since 2020, Bitcoin has gained an average of 5.2% in 30 days and 18.9% in 90 days when the stablecoin supply was growing. But when the supply shrank, those gains dropped to 1.1% and 8.4%
Since its $321 billion peak, stablecoin supply has fallen about 4.4%. During the 2022-23 bear market, stablecoin supply dropped 34%, while Bitcoin lost 43%.
For now, the drop is much smaller than in 2022, and trading is slowly improving. But if stablecoin supply keeps falling, Bitcoin could see more selling and further price declines.
Analyzing the recent market conditions, well-known crypto analyst Ali Martinez said Bitcoin is still trading inside a descending channel on the four-hour chart after facing rejection near the upper resistance around $63,600.He says that, if selling pressure continues, “Bitcoin could trigger a pullback toward $59,700, with $56,550 as the next downside target.”
Bitcoin $BTC is getting rejected at the top of its channel.This could trigger a pullback toward $59,700, with $56,550 as the next downside target. pic.twitter.com/GvI9fMFQbD
— Ali Charts (@alicharts) July 8, 2026
However, if Bitcoin reclaims $63,600 with strong buying volume, it could invalidate the bearish setup and signal the start of a bullish move.
Donald Trump
Donald Trump
Donald J. Trump is a US-based business tycoon, pro-crypto politician, and 47th (present) President of the United States. He comprehends the significance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto politician. Once doubtful about Bitcoin's dominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his portfolio. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency. Quick Facts Field Details Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Famous For Business, Politics CryptoStance Strongly pro-crypto; aims to make the U.S. the "crypto capital of the planet." In 2025, he established the Strategic Bitcoin Reserve and signed the GENIUS Act to regulate stablecoins. Career overview of Donald Trump: Donald Trump is an American business magnate, media personality, and the 45th and 47th President of the United States. He grew his family's real estate business and completed large projects in Manhattan, including Trump Tower. His name also became a global brand for hotels, buildings, and other businesses. Trump eventually entered television and rose to prominence as the host of NBC's The Apprentice, becoming a well-known public figure across the country. His political career began with a decisive populist victory in the 2016 presidential election. During his first term, his administration pushed tax cuts and reshaped the federal judiciary with a strong conservative approach. After returning to office in 2025, his second term focused heavily on financial technology and digital assets. He signed the GENIUS Act and issued an Executive Order to create the first U.S. Strategic Bitcoin Reserve, strengthening his position as a pro-crypto leader. Donald Trump - Career Highlights & Events 2016 - Elected 45th President of the United States by the Republican Party. 2017 - Signed the Tax Cuts and Jobs Act, which affected investment environments. 2019 - Slammed crypto leader Bitcoin on X, claiming it is "not money." 2025 – A gala party was hosted by him for the top 220 Trump meme coin holders. President
ali martinez
ali martinezAli M. is a Senior Crypto & DeFi Producer and the Global Head of News, specializing in content marketing strategies within the cryptocurrency and decentralized finance sectors. In 2012, he discovered the Bitcoin through its whitepaper. Intrigued by the idea of a decentralized, borderless, and censorship-resistant currency, he quickly entered the cryptocurrency market as a trader. As a leader in the industry, he currently heads the content creation team at a top news media outlet. Details Organization: MONIIFY Location: United Kingdom Skills: Story Telling and Breaking News Experience: Senior Crypto & DeFi Producer at MONIIFY from Oct 2024 - Present Global Head of News at BeInCrypto from Oct 2022 - Sep 2024 Content Manager at Binance from Dec 2021 - Oct 2022 Senior Managing Editor FXStreet from Sep 2020 - Mar 2022 Marketing Content Specialist at Energi from Aug 2021 - Dec 2021 FAQ's 1. When did Ali M. get involved in cryptocurrency? Ali discovered Bitcoin through its whitepaper in 2012 2. What is Ali's role as a Senior Crypto & DeFi Producer? As a senior Crypto and Defi Producer is involved in overseeing the production of content related to cryptocurrencies and DeFi, ensuring that it is engaging, and [email protected] Analyst
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