Trump Threats Military Action Amid Iran Ceasefire Rejection Sends Crypto Market Tumbling

The global crypto market experienced a downturn on Friday as tensions escalated in the Middle East. Iranian officials rejected a proposed ceasefire deal, prompting US President Donald Trump to threaten military action.

Iranian Foreign Minister Abbas Araghchi stated that his country is not interested in a temporary agreement and criticized America's 'illogical, greedy and controlling' outlook on the situation.

Trump warned of a 'massive attack' on Iran, which led to a spike in crude oil prices. The rising energy costs have added to concerns about inflation and economic growth, putting pressure on both the crypto market and financial markets.

In response to the developments, Bitcoin fell by 0.30% to $65,090 over the past 24 hours. XRP also dropped by almost 2% to trade around $1.10. Daily trading volume declined by 15%.