Trump Dumps Ceasefire with Iran, Crypto Markets Feel the Heat

US President Donald Trump announced on July 10 that the ceasefire between the US and Iran is officially over, despite agreeing to continue talks. The Islamabad Memorandum of Understanding (MoU) signed on June 17 had paused direct military strikes and facilitated safe naval passage through the Strait of Hormuz.

The MoU's collapse has sent shockwaves through cryptocurrency markets, with Bitcoin, Ethereum, and XRP experiencing selling pressure following the latest round of escalation announcements.

According to Trump, Iran requested that talks continue even as the formal ceasefire framework dissolved. US officials confirmed that 'technical talks' between the two countries would persist.

The Strait of Hormuz is a critical oil-producing region, and tensions in the area have triggered a classic sequence of events: rising oil prices, a strengthening dollar, and a sell-off in cryptocurrencies.