Crypto Market Under Pressure as Trump Announces US ‘Won’ Iran War

Key Insights:

• Crypto market sees volatility; Bitcoin, Ethereum, XRP show mixed gains.
• Trump claims US victory in the Iran war, but military operations continue.
• Oil prices surge amid ongoing US-Iran conflict, trading around $91.

The crypto market is currently facing increased pressure following a dramatic announcement from US President Donald Trump. Most recently in the US-Iran war, Trump claimed that the United States “won.”

While he insists the mission is not yet complete, his statement has added to growing uncertainty in global financial markets. As the US-Iran war continues to escalate with both sides reluctant to withdraw, investors are left cautious, and digital assets are at risk.

Crypto Market Sees Increased Volatility

Amid heightened geopolitical tensions, the global crypto market is under severe pressure. The market is currently valued at $2.4 trillion, marking a marginal surge of 1.18%. Despite this latest rebound, the industry is facing increased volatility. It sparked widespread caution.

Aligning with the broader market trend, major crypto assets like Bitcoin, Ethereum, and XRP are also under threat. As the crypto market surged recently, these assets are also reflecting a positive trend with marginal upticks.

For example, Bitcoin has surged past the critical $70k level, with a 24-hour uptick of 1.20%. However, the coin is still down by a notable 4.5% in a week. This indicates that, despite recent positive trends, the crypto market and top tokens are failing to sustain them.

Ethereum and XRP have also posted slight gains over the past day. While ETH is trading above the $2k level, up 2.13%, XRP is valued at $1.39, up 0.86%. Both tokens have plunged significantly over the past week.

Crypto Market on Edge as the US Iran War Goes On

As the US-Iran war continues to make headlines, Donald Trump has made a striking statement, further fueling tensions. He posited that the US has won against Iran but will not withdraw before achieving its mission.

Trump stated, “We’ve won. Let me tell you, we’ve won. You know, you never like to say too early you won. We won. We won the bet—In the first hour, it was over.”

However, the US president emphasized that American forces will keep carrying out operations until the job is fully done. This suggests that the conflict isn’t over yet. He claimed that the US military quickly took out much of Iran’s navy and air force, along with the country’s radar systems and air defenses.

He added, “We’re not leaving until that job is finished. And it’s going to be very fast. Going to be very fast.”

Further, the US President described the military action as a necessary “excursion” to remove dangerous individuals. He added that it should have been done because they had been harming Americans.

Trump added that Iran was well-prepared but claimed they did not expect the strength of the US military. He also warned that Iran aimed to dominate the Middle East and target Israel, but insisted they were caught off guard by the American operations.

Oil Prices Soar Amid Rising Tensions

Oil prices have been swinging wildly as the conflict between the US and Iran continues. This sustained uptrend in oil prices is a major reason behind the current crypto market volatility.

Earlier this week, crude briefly jumped to nearly $120 per barrel before dropping back to around $90. Today, the oil price is ranging between $90 and $95, still showing no signs of further plummet. Despite the IEA releasing 400 million barrels of oil, the prices continue to rise. When writing, oil price traded at $91, with a 5% surge.