Key highlights:
- Crypto assets fell as geopolitical tensions rise.
- Iran rejected the ceasefire, saying they are not interested in a temporary deal.
- BTC ETFs saw their first net outflows in days.
โThe crypto market turned lower on Friday amid the new developments in the Middle East. According to the New York Times, Iran turned down a ceasefire deal proposed by the United States. In response, U.S. President Donald Trump is said to be in โrevenge mode,โ promising military retaliation.
BREAKING: ๐บ๐ธPresident Trump has reportedly lost faith in diplomacy and is now in “revenge mode” against Iran, per WSJ.
โ Bull Theory (@BullTheoryio) July 24, 2026
Iran not interested in temporary deal despite Trumpโs threat
Iranian officials said they do not want a temporary agreement that has yet to address the control of the Strait of Hormuz.
Iraqi Prime Minister Ali al-Zaidi had met with officials at White House and with Trump in negotiations to reach a settlement in the war. He brought the proposed deal to Tehran and presented it to Iranian officials, who refused to entertain the proposal.
Iranian Foreign Minister Abbas Araghchi said the issue was not about finding more mediators but solving the matter at hand.
โThe problem is not passing messages, the problem is Americaโs outlook, which is illogical, greedy and controlling.โ
โ Abbas Araghchi, Iranian Foreign Minister
The report also shared that Iran is preparing for a conflict if the United States targets its key infrastructure.
Trump prepares military action as assets decline
President Trump had warned that his administration may launch a “massive attack” on Iran. He also hinted at military action against the Houthis amid the attacks on Saudi oil tankers in the Red Sea.
โI am considering a massive attack. Bigger than anything we have ever had before. I am close to making a decision. We are fully prepared for it.โย
โ Donald J. Trump, President of the United States of America
Trump also posted on Truth Social that any future damage to ships, cargo, or related assets would be paid for using frozen Iranian funds.
๐ฃ๐ฟ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐ ๐ง๐ฟ๐๐บ๐ฝ – ๐ฌ๐ฏ:๐ฌ๐ฐ ๐ฃ๐ ๐ฃ๐ฆ๐ง ๐ฌ๐ณ.๐ฎ๐ฏ.๐ฎ๐ฒ – ๐ง๐ฟ๐๐๐ต ๐ฆ๐ผ๐ฐ๐ถ๐ฎ๐น ๐ฃ๐ผ๐๐
“Please let this statement serve to represent, until further notice, that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will beโฆ pic.twitter.com/1OmQh8Gp6p
โ Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 23, 2026
These developments have pushed crude oil prices to $92 per barrel, which is a gain of over 12% for the week. The rising energy costs also add to the fears surrounding inflation and economic growth. This inherently puts pressure on the crypto market and financial markets.
Meanwhile, Global monetary expert Jeffrey Snider said that the White House may accept the slow economic growth and political costs if it believes that putting more pressure on Iran is the way to go.
After the news, Bitcoin fell to $65,090, down by about 0.30% in the past 24 hours. As such, there were fewer investors trading in the market. Daily trading volume declined by 15%.
ย
XRP also dropped by almost 2% to trade around $1.10, falling from around $1.14 on Thursday.
Bitcoin ETFs see first major outflows in days
U.S. spot BTC ETFs recorded $225.18 million in net outflows on Friday, according to SoSoValue data. This ended a run that had brought in almostย $1 billion in inflows over the last seven trading sessions.
Source: SoSoValue; Bitcoin ETF daily inflows
BlackRock’s IBIT saw the largest withdrawal at $202.5 million. Morgan Stanley’s MSBT was one of the few funds to record positive inflows, adding $5 million.โ
Source:: Crypto Market Turns Red as Iran Rejects Ceasefire, Trump Promises Retaliation