Crypto prices fall following renewed U.S.–Iran strikes

Bitcoin opened at $63,318.46 on Wednesday, July 8, down 1.1% from Tuesday, and fell further to $62,044.96 by mid-morning Eastern time. Ethereum opened at $1,769.31, down 1.6%, and slipped to $1,742.22.

The decline followed renewed U.S.–Iran strikes, which reignited the geopolitical risk that had whipsawed crypto throughout June. The escalation pushed oil prices higher — feeding back into inflation expectations and, in turn, fears that the Federal Reserve would stay hawkish for longer.

It was an abrupt reversal after the strong start July had enjoyed.