Trump pauses Iran military strikes as Bitcoin drops 2.3% and oil tops $100

President Trump hit the brakes on US military strikes against Iranian targets on July 25, suspending operations after 13 consecutive nights of attacks near the Strait of Hormuz. The pause comes as diplomatic channels with Tehran remain open, though Trump has made clear that military options aren’t going anywhere if talks fall apart. For crypto markets, the damage was already done. Bitcoin fell approximately 2.3% during the escalation, sliding from around $65,500 to below $64,000. The total cryptocurrency market capitalization shed roughly $80 billion as investors rotated out of risk assets and into traditional safe havens. What happened and why it matters for markets The 2026 Iran conflict escalated after a ceasefire breakdown in June, with US military operations targeting threats to commercial shipping in one of the world’s most critical chokepoints. The Strait of Hormuz handles roughly a fifth of global oil supply. Oil prices surged past $100 per barrel for the first time since May 2026. The pause in military action was reportedly influenced by Gulf states pushing for more time to pursue diplomacy. The sanctions enforcement angle The US Treasury seized nearly $500 million in cryp...