Bitcoin & XRP Fall as Yemen’s Houthis Strike Saudi Tankers in Red Sea amid US-Iran War

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Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.

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Bitcoin & XRP Fall as Yemen's Houthis Strike Saudi Tankers in Red Sea amid US-Iran War

Yemen’s Iran-Aligned Houthis Disrupt Oil Supply in Red Sea

Yemen’s armed forces hit two Saudi oil tankers in the Red Sea using ballistic missiles, cruise missiles, and drones, IRNA News Agency reported on July 23. The attacks also intercepted multiple commercial vessels, according to a formal statement by spokesperson Yahya Saree.

Saudi authorities confirmed a Saudi-owned commercial vessel was targeted in the Red Sea, causing a fire on the ship. All crew members are safe. Authorities claim such attacks constitute a violation of international laws and norms.

Houthi leaders in Yemen have declared a naval blockade against Saudi Arabia, effective immediately. US stock futures, Bitcoin and XRP are dropping amid risks of further supply disruptions.

The attacks coincided with Saudi Arabia signing a nuclear deal with the US. The 30-year agreement aims to strengthen bilateral cooperation on nuclear energy.

Saudi Arabia and United States Sign Agreement on Cooperation in Peaceful Uses of Nuclear Energy. pic.twitter.com/FSJWIqmXwS

— وزارة الطاقة (@MoEnergy_Saudi) July 22, 2026

Meanwhile, U.S. Central Command (CENTCOM) forces completed another round of strikes against Iran for the 12th consecutive night. President Trump threatened to bomb bridges or power plants every time Iran shoots at a ship in the Strait of Hormuz

U.S forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense systems. The strikes further degrade Iran’s ability to attack civilian mariners and commercial vessels.

Bitcoin and XRP Slips amid Rising Oil Prices, US Treasury Yields

Two-chokepoint risk for global oil supply caused oil prices to spike above $88 per barrel today. Oil prices are now up more than 31% since July-start, with no signs of an end to the US-Iran war.

Meanwhile, the US dollar index (DXY) slipped below 101.71 amid inflation concerns from surging energy costs. The 10Y Treasury Yield is approaching 4.70% and a fresh 52-week high, triggering selloffs in Bitcoin price. This puts the 10Y Treasury Yield up over 70 basis points since the US-Iran war began, with markets continuing to brace for an energy shock.

30-Year Treasury Yield closing in on its highest level since the run-up to the Global Financial Crisis 🚨 🚨 pic.twitter.com/8EeHCTctVb

— Barchart (@Barchart) July 22, 2026

Bitcoin fell more than 1% amid Yemen’s attacks in the Red Sea. The price is currently trading near $65,600, with a 24-hour low and high of $65,514 and $66,401, respectively.

Furthermore, trading volume has decreased by 9% in the last 24 hours, indicating a drop in interest among traders. Investors await US economic events and the Fed rate decision for cues on market direction.

Meanwhile, XRP price hit resistance near $1.16 again and fell to $1.13. Trading volume has dropped 32% as traders weigh rising Middle East tensions. XRP futures open interest also dropped more than 1% to $2.51 billion in the past 4 hours.

Navigating these volatile macro environments requires a dedicated suite of the best crypto research tools to analyze blockchain transaction volume and market sentiment.

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.