Crypto News, July 8: U.S. Strikes Iran Again, Ethereum Price Wobbles After Bitcoin Spot Sell-Off

Crypto markets woke up to fresh news as U.S. strikes hit Iran again. The Bitcoin price is stuck chopping between $62,000 and $64,500 after rejecting its recent push near $64,500. Ethereum is feeling the heat too, while the Iran strike sends oil price to the sky and risks appetite lower. July’s earlier gains are now looking shaky.

BREAKING: US announces it has hit over 80 targets with precision munitions in tonight's strikes on Iran, including more than 60 IRGC speed boats in and near the Strait of Hormuz, per CENTCOM.

US strikes also targeted Iranian air defense systems, command and control networks,… pic.twitter.com/bUEkJGo374

Now, does crypto remain tied to geopolitics? Higher Japanese bond yields are also spilling into U.S. rates, adding more pressure on risk assets. Yet while macro headlines dominate the crypto news, corporate players are moving in opposite directions.

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Today’s Iran strike is sending oil through the roof and is hitting crypto hard. Bitcoin price is struggling to hold ground, and Ethereum is moving in tandem with market fear. In the past months, when oil spikes and yields rise, crypto is the first to bleed.

Still, this isn’t 2022; institutional infrastructure is stronger, and corporate balance sheets are actively participating. We still remember that since the big October crash last year, Bitcoin price has been lackluster. It briefly tested higher levels in July but failed to sustain momentum. Weak spot demand and falling open interest are making it look fragile. Some analysts even warn that they feel cautious about the near-term outlook.

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At the same time, Strategy has been selling Bitcoin aggressively, including a $216 million tranche recently. This shift from major accumulator to seller has caught attention, though markets have mostly shrugged it off so far.

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Ethereum price may be soft on the surface, but on-chain activity is looking way better. Tom Lee’s Bitmine just bought another 40,000 ETH worth $71.6 million from FalconX and Kraken 11 hours ago. This follows their 42,000 ETH purchase last week as they continue pushing toward 5% of total supply.

Tom Lee(@fundstrat)'s #Bitmine bought another 40,000 $ETH($71.6M) from #FalconX and #Kraken 11 hours ago.https://t.co/sHMfyAQlqNhttps://t.co/aXRJntgZlP pic.twitter.com/ClIjRIwwKx

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As of today, Bitmine’s steady accumulation stands in sharp contrast to Strategy’s selling. Tom Lee has previously described that Saylor’s move is a “classic bottom behavior.”

Not all are looking bad this time around. Japan’s weakening yen is also driving local companies to buy Bitcoin and XRP for treasury diversification. Daily ETF flows have started turning positive again after earlier outflows. Major institutions are staffing up, too. Vanguard is hunting for a digital assets chief, and Solana just hired a former Twitter security executive as CISO.

The Iran strike is striking crypto, but it would eventually move off the front page. When it does, Bitcoin and Ethereum price will be supported by the same quiet accumulation that’s been happening while everyone else is distracted by oil and yields.

Bitmine isn’t buying because conditions are perfect, and corporate demand from Japan and returning ETF inflows are cementing a hard floor.

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The post Crypto News, July 8: U.S. Strikes Iran Again, Ethereum Price Wobbles After Bitcoin Spot Sell-Off appeared first on Cryptonews.