Crypto Market Plummets Amid US-Iran Tensions; UK Investors Face $8M HMRC Crackdown

Crypto prices fell sharply on July 24th, 2026, as part of a broader risk-off move tied to escalating tensions between the US and Iran. The total cryptocurrency market capitalization dropped by around 1.3% to approximately $2.3 trillion, with Bitcoin trading at $64,961.68, down 1.4% over 24 hours.

The same Iran story is affecting oil markets and equities as well, contributing to a broader risk-off mood across financial markets. This move has also been reflected in the crypto market, with sentiment gauges varying significantly by provider. CoinGabbar reported a Fear and Greed reading of 28 on July 24th, while CFGI's live index showed 44 (Neutral) at a similar time.

HMRC has increased enforcement against undeclared crypto gains in the UK, recovering more than £8 million from 502 investors over the past two tax years. The agency also issued around 65,000 compliance warning letters to suspected non-compliant crypto holders in the 2024-2025 tax year.