Trump Declares US-Iran Ceasefire Over Amid Rising Tensions

US President Donald Trump announced at the NATO summit in Ankara that the US-Iran ceasefire is 'over', and more strikes on Iran are likely to follow. This declaration comes after the US launched airstrikes on over 80 Iranian targets on July 7, in response to Iranian attacks on commercial ships in the Strait of Hormuz.

The Strait of Hormuz is a critical waterway through which roughly one-fifth of the world's daily oil supply passes. When Iran targeted commercial vessels there, it was seen as a significant escalation that threatened global energy markets.

Oil prices surged on the news, and the US dollar strengthened, creating a challenging macroeconomic environment for risk assets like cryptocurrencies. Bitcoin fell over 2% to around $62,000, while ether and XRP posted similar declines.