Oil rises while Bitcoin drops after Trump says Iranian peace deal has ended

Several US attacks on Iran drove up the price of oil overnight while putting pressure on crypto and tech stocks. The US President claims that peace talks between the two countries are over.

At the same time, a crypto wallet linked to Elon Musk’s company SpaceX is preparing to sell Bitcoins.

Pressure

It seems no one truly knows what the long-term outcome will be of the ongoing conflict between the United States and Iran; consequently, stock and crypto markets are reacting with high volatility to the latest emotional response from U.S. President Trump. He claims that, as far as he is concerned, talks between Iran and the United States are over.

This news is putting pressure on both the cryptocurrency market and stock exchanges. As a result, the largest digital currency remains within the $60,000 to $65,000 trading range where it has been stuck for several weeks.

SpaceX

Furthermore, research firm Arkham noted that a large crypto wallet linked to Elon Musk’s SpaceX is preparing to sell Bitcoin.

SpaceX holds over a billion dollars’ worth of Bitcoin, and if it were to sell it all in the coming weeks and months, this would put additional pressure on the price.

SPACEX JUST MOVED BITCOIN

A tagged SpaceX address just moved Bitcoin for the first time in 6 months. SpaceX (15atF) made a test transaction of $88 of BTC to SpaceX (bc1q9).

Is SpaceX about to move more BTC? pic.twitter.com/vQITSDKtGI

— Arkham (@arkham) July 8, 2026

SpaceX stock, which sparked a real frenzy during the company’s IPO week, has since fallen 30% from its peak.