Bitcoin slipped below $65,000 on July 23 after former U.S. President Donald Trump warned of a potential "massive attack" on Iran. The cryptocurrency fell about 1.5% as tensions in the Middle East escalated, pushing crude oil prices above $100 per barrel following Houthi attacks on Saudi oil tankers.
Trading data showed Bitcoin fluctuating around $64,885 before retreating further to approximately $64,831. The market responded swiftly to Trump's comments and renewed regional conflict, which included Iranian strikes on U.S. targets and attacks by Iran-backed Houthi forces in the Red Sea.
Military Tensions Trigger Market Unease
In an interview with Axios, Trump confirmed he was close to deciding on launching a large-scale military operation against Iran. He described the planned strike as "bigger than ever before" but did not provide a timeline. Meanwhile, U.S. officials have indicated no final decision or new orders have been issued from the White House.
Trump suggested Israel would participate if requested, emphasizing that the U.S. could proceed independently. He also noted that Iranian leaders had rejected recent negotiation proposals, implying Tehran has not yet faced sufficient pressure to come to terms.
Recent days have seen heightened military activity near the Strait of Hormuz, as Washington attempts to prevent Iranian attacks on commercial vessels. Despite ongoing U.S. strikes, Iran’s regional operations continue, leaving no clear resolution in sight.
This risk-off sentiment is familiar in crypto markets. Earlier in July, Bitcoin dropped over 3% to about $61,691 after Trump declared a tentative ceasefire with Iran was over. Analysts from Binance Research have also highlighted that macroeconomic challenges could keep Bitcoin's growth in check through the third quarter. BTC closed the first half of 2026 near $59,500, roughly 53% below its all-time high of $120,000 reached last October.
This content is for informational purposes and should not be considered financial advice.
