Bitcoin lost momentum near the $64,500 area and turned lower after President Trump said at the Ankara Summit that the US-Iran ceasefire was “over” and that more talks were a “waste of time.” Risk sentiment shifted fast, and crypto moved with the broader sell-off.
The source says those remarks were reported on July 8, 2026 by France24, CBS, and Axios. The latest break follows months of unstable truces through 2025 and 2026, with repeated violations and strikes near the Strait of Hormuz. Earlier rounds of diplomacy had involved intermediaries including Steve Witkoff and Jared Kushner, but this setback has halted that effort for now.
Oil jumps as stocks and crypto fall together
Energy prices reacted first. According to the report, WTI crude climbed to $74.666, up 6.00%, while Brent rose to $78.590, up 5.97%. Equity markets also moved lower, with the US500 down 1.05%, the Nasdaq off 1.16%, India’s Nifty lower by 2.36%, and Japan’s JP225 falling 3.67%.
Crypto tracked the same risk-off move. The broader market was down 2% over 24 hours, while Bitcoin traded at $61,779.34, a decline of 2.23%. Its market capitalization slipped to $1.23 trillion, down 2.24%, and trading volume fell harder, dropping 16.24% to $31.68 billion. The article also notes that traders were waiting for the minutes from the Federal Reserve’s June meeting, scheduled for release on July 8.
Why the Strait of Hormuz matters for BTC
The report points to the Strait of Hormuz as a core transmission channel into global markets. The waterway handles close to 20% of the world’s oil and LNG flows. During the worst stretches of the 2025-2026 conflict, daily tanker traffic fell from more than 100 ships to near zero at times. That kind of disruption pushes energy prices higher and pressures assets linked to market risk, including Bitcoin.
The historical pattern in the source is direct. De-escalation deals in April and June 2026, which reopened the strait, were followed by BTC gains of roughly 5% to 18%. When ceasefires broke down, oil spikes ranged from 10% to more than 60%, and crypto weakened over the short term.
Price levels in focus after the failed reclaim
The article says Bitcoin failed to hold above $64,500 and is now consolidating near support around $62,000. A move below $60,000 could open the way for a retest of the $56,000 to $57,000 zone. On the longer horizon, miner Jiang Zhuoer was cited as expecting Bitcoin to trade in the $42,000 to $44,000 range by the end of 2026.
Possible support factors listed in the source include renewed inflows into US spot Bitcoin ETFs, a rebound in the Coinbase Premium after more than 50 days in negative territory, and clarity tied to MSCI’s index decision. The article also says whale wallets have been pulling supply off exchanges at a rapid pace this year. That could sharpen price moves when demand returns, though the near-term path remains linked to developments in the Middle East conflict.