Bitcoin Loses $65K As Trump Vows ‘Massive Attack’ Iran After Houthis Target Saudi Tankers

17 mins ago Updated 10 mins ago

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Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Bitcoin Price Outlook as US-Iran Conflict Pushes BTC Below $63.1K

Bitcoin Drops As Trump Threatens “Massive Attack” On Iran

The BTC price dipped to $64,831.54, down by 1.52% at press time on Thursday, July 23. Bitcoin fell as investors responded to the growing geopolitical tensions and also rising energy prices, per crypto tools.

Bitcoin price chart today. Source: TradingView

Trump said he is weighing additional U.S. military action against Iran, but that it hasn’t come to a decision yet, per Axios report. “I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” the president noted.

He added that Israel could participate if requested, saying, “would join in two minutes if I ask them to.” However, he added, “we don’t need anybody” to launch an operation. Trump has also warned of “consequences” if Israel were to intervene, which implies that Iran might retaliate.

Houthis Attack On Saudi Oil Tankers Worsen The Situation

The latest escalation comes after a spate of attacks by Iran-backed Houthis rebels on Saudi oil shipping vessels in the Red Sea and other major oil shipping lanes congested. The disagreement has pushed the price of crude oil above $100 per barrel.

This surge raising fears that the rising cost of energy will worsen U.S. inflation. It could, in turn, dampen demand for riskier investments like Bitcoin and other cryptocurrencies if the Federal Reserve turns hawkish.

Tehran has also been accused by Trump of not being serious about its diplomatic efforts. “They haven’t received enough pain yet,” he said.

According to other sources in the region, the latest offer in the mediation process has been rejected by Iranian leaders.

Currently, the White House has not issued any new orders for the military and two U.S. government officials said a decision has not been made. Trump also stated the Iranians “want to negotiate” but are not ready to agree to a deal at this time.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.