Bitcoin Crashes $20,000 Amid US-Iran Tensions and Collapsing Ceasefire

US-Iran tensions have led to a collapse of a June 17 agreement, causing $350 million in crypto liquidations.

The fragile ceasefire between the US and Iran lasted less than a month before President Donald Trump declared the Memorandum of Understanding 'over' on July 14.

The agreement was intended to reopen the Strait of Hormuz and de-escalate regional hostilities, but it ultimately unraveled due to diplomatic tensions turning into active military exchanges.

Bitcoin's price surged above $82,000 on June 18 after the MoU was signed, only to crash below $62,000 by early July as the agreement fell apart.