Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes

Markets Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes Bitcoin fell, altcoins slid after Trump said the ceasefire with Iran is "over" as U.S. and Iran traded airstrikes. By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback Jul 8, 2026, 10:37 a.m. 3 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Bitcoin price (CoinDesk data) Summary Show Bitcoin and ether fell more than 2% after Trump declared the ceasefire "over" and said negotiating with Iran is a "waste of time." His comments came after U.S. airstrikes on IRGC boats in the Strait of Hormuz and Iranian attacks on Bahrain and Kuwait. Altcoins bore the brunt, with $350 million of the $450 million in total liquidations coming from altcoin pairs and JUP, ETHFI and PUMP losing between 5.5% and 9.3%. Solana wiped out its entire July rally. Crypto markets fell Wednesday after fresh airstrikes in Iran spurred a risk-off mood among investors. The CoinDesk 20 Index dropped 2.9% since midnight UTC, with all but one token declining. Addressing NATO leaders, U.S. President Donald Trump declared the ceasefire "over" and said negotiating with Iran is a "waste of time," though talks continue, according to news reports. The U.S. Central Command said it hit more than 60 Islamic Revolutionary Guard Corps small boats to prevent them disrupting international shipping and Iran retaliated with attacks on Kuwait and Bahrain. The Dollar Index (DXY) rose as the reignited tensions are likely to stoke inflation concerns. Bitcoin BTC $ 62,069.11 and ether (ETH), the two largest cryptocurrencies, fell more than 2%. There were sharper losses across the more illiquid altcoin sector as JUP, ETHFI and PUMP all losing more than 5%. U.S. equities also took a hit. Nasdaq 100 index futures and S&P 500 index futures tumbled as much as 1.5%. Derivatives positioning Despite bitcoin's slide to $62,000, it's still up 6% this month and there is some good news on the derivatives front: Traders don't look to be shorting the rally. Open interest (OI) in futures has dropped to 730K BTC from over 740K BTC a day ago. Ether is not faring so well. Open interest has held steady at around 13.95 million tokens despite the spot-price drop triggering liquidations of bets worth $90 million. BTC 24-hour liquidations tally just over $100 million. The sell-off in Canton Network's CC token has accelerated, with the token's price slipping to its lowest level since January just as futures open interest rises to a two-week high. This combination points to the possibility of traders shorting the decline, especially since funding rates remain deeply negative, close to -20%. Broadly speaking, the bear grip has tightened across major cryptocurrencies, including BTC and ETH, as indicated by their negative 24-hour OI-adjusted cumulative volume delta. A negative reading indicates that price action is being driven by traders placing market orders rather than passive limit orders. The latest decline in BTC and ETH seems to have spurred hedging demand for options, as their respective 30-day implied volatility indexes, BVIV and EVIV, are up for the second straight day. Options skew on Deribit confirms that. The one-week skew has jumped to nearly 20% in favor of puts from 16% a day ago. Puts offer protection against a price slide in the underlying asset, in this case, BTC. The same is true for ether. However, 24-hour volume figures show the highest activity in BTC call options at the $80,000 strike price. Token talk The altcoin market is reeling, with $350 million worth of the $450 million in liquidations being attributed to altcoin trading pairs, according to CoinGlass. Solana (SOL) has now completely retraced a rally that began on July 2, trading back at $77 after challenging $84 on Monday. One token bucking the bearish sentiment is MORPHO. The DeFi token is up by 4% since midnight as total value locked (TVL) on the protocol hit a record high 4 million ETH this week, according to DefiLlama . A beacon of hope for the altcoin market is that several tokens are now dipping back into "oversold" territory, with the average relative strength index (RSI) dropping to 40/100 from 47/100 on Tuesday. Crypto Markets Today Related Assets Bitcoin $ 62,069.11 1.82 % Latest Crypto News 1 Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters 52 minutes ago 2 Validators embrace XRP Ledger's recent upgrade. 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By CoinDesk Research 21 hours ago Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. Why it matters : Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. View Full Report More From Markets Bitcoin under pressure as Trump says Iran ceasefire is over BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom SpaceX IPO powers record $3.86 billion in tokenized equities trading in June More From Bitcoin Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters Validators embrace XRP Ledger's recent upgrade. But not everyone’s on board yet Live markets: Bitcoin drops as yen, Iran ceasefire collapse