Crypto Markets Slide As Trump Declares Iran Ceasefire “Over”

Crypto markets dropped sharply Wednesday after President Trump declared the ceasefire with Iran finished, triggering a broad risk off move across digital assets and traditional markets alike.

Bitcoin And Ether Lead Losses

Bitcoin and Ether dropped more than 2%. Smaller, more illiquid altcoins saw steeper declines.

Speaking to NATO leaders, Trump said negotiating with Iran was now a waste of time, though talks are reportedly continuing. U.S. Central Command said it struck more than 60 Revolutionary Guard Corps boats to protect international shipping routes, prompting Iranian retaliation against targets in Kuwait and Bahrain. The Dollar Index climbed on renewed inflation concerns, while U.S. equity futures also fell, with Nasdaq 100 and S&P 500 futures dropping as much as 1.5%.

Derivatives Show Mixed Signals

Despite the pullback, Bitcoin remains up 6% for the month, and futures open interest has actually declined slightly, suggesting traders aren’t rushing to short the rally. Ether tells a different story, with open interest holding steady even as $90 million in bets were liquidated. Total liquidations across crypto topped $450 million, with altcoins accounting for the bulk of losses. Solana has fully erased its early July rally, while Morpho stood out as one of the few gainers after its total value locked hit a record high.