US-Iran War Update: Iran Rejects Ceasefire, Prepares for Trump’s ‘Massive Attack’

Iran has rejected a US ceasefire proposal presented by Iraqi leaders on Friday, escalating the war. This comes as Trump’s threatens ‘massive attack’ against Iran and the Houthis and unresolved stance on the Strait of Hormuz’s control. As a result, US stock futures fell, while Bitcoin and XRP held steady.

Iran Turns Down US Ceasefire Proposal by Iraqi PM Al-Zaidi

Iran directly rejected Trump’s latest ceasefire proposal presented by Iraqi PM Ali al-Zaidi, the NYT reported on July 24. Iranian leaders claimed they are not interested in any temporary deal that leaves the Strait of Hormuz control unresolved.

Iran’s FM Araghchi said Iran and the US “already had enough mediators,” but “the problem is not passing messages, the problem is America’s outlook, which is illogical, greedy and controlling.”

Two Iranian officials say Iran is preparing to expand the war significantly if Trump strikes critical infrastructure, including by striking Tel Aviv directly, asking the Houthis to fully close Bab el-Mandab, and assassinating President Trump’s senior advisers.

Crude oil prices traded near $92 per barrel on Friday after gaining more than 12% this week amid escalating Middle East tensions. This caused US stock futures to plunge further, but Bitcoin and XRP held after the recent declines.

Trump Sacrificing Midterms Prospects with Massive Attacks, Expert Says

Meanwhile, President Trump plans “massive attack” on Iran and “military punishment” against Houthis for attacking two Saudi oil tankers in the Red Sea.

Global monetary expert Jeffrey Snider claimed the White House is allegedly sacrificing its own Republican Party in the Midterm elections by keeping the Iran war going.

Iran’s entire theory of leverage was that soaring prices would break the economy and cost Trump the midterms, forcing him to the table. “We’re sorry, all your Republicans in Congress. We’re sacrificing you to the midterm wave because we think it’s worth it in the long run,” he added.

If the administration has already accepted recession and lost seats as the cost of doing business, “Iran is holding a card the US stopped fearing months ago,” he told Mario Nawfal.

In addition, President Trump said on Truth Social that “any and all damages” done to ships, cargo, or anything related will be paid from frozen Iranian funds “from this point forth.”

Notably, US forces completed the 13th straight night of strikes against Iran, CENTCOM reported. Latest strikes targeted Iranian military command centers, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities.

Bitcoin and XRP Under Pressure amid US-Iran War Escalation

Rising crude oil prices and Trump’s new global tariffs led to selling pressure on Bitcoin as investors weigh US-Iran war escalation. At press time, Bitcoin is trading near $65,300, down more than 0.50% over the past 24 hours.

The 24-hour low and high are $64,610 and $65,776, respectively. Furthermore, trading volume has dropped further by 15% in the last 24 hours, indicating a drop in interest among traders.

Meanwhile, XRP price has dropped more than 3% to trade near $1.10. It fell further from $1.13 after CoinGape reported that Houthis-led oil supply disruptions in the Red Sea. The intraday low and high were $1.10 and $1.13, respectively.

To navigate these swift market downturns, advanced traders frequently utilize the best crypto leverage trading platforms to hedge their portfolios against macroeconomic shocks.