UK Crypto Markets Plummet Amid US-Iran Tensions and Rising Oil Prices
Crypto markets plunged on July 24, 2026, as tensions between the US and Iran escalated and oil prices rose. The total crypto market capitalization fell by around 1.3% to approximately $2.3 trillion, with Bitcoin's price dropping 1.4% to $64,961.68. This decline in value was part of a broader risk-off move that also impacted equities and oil markets.
The Fear and Greed sentiment gauge from CoinGabbar read 28 on July 24, indicating fear, while CFGI's live index showed a neutral reading of 44 at the same time. Historical analysis suggests that these gauges can lag behind price movements, making them unreliable for predicting future performance.
HMRC has increased enforcement against undeclared crypto gains, recovering more than £8 million from 502 investors and issuing around 65,000 warning letters since January 2026, when new international reporting rules took effect. UK investors may be subject to capital gains tax on crypto disposals and income tax on crypto earned through activities like mining or staking.
Cryptoassets remain highly volatile and largely unregulated in the UK, with no consumer protection. As a result, prices can fall sharply in short periods, as seen today's sell-off illustrates.