Trump’s Iran Deal Collapses Overnight: Bitcoin Drops to 7-Week Low in Panic
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Bitcoin fell to a seven-week low of about $70,680 on June 1, 2026 after Iran suspended indirect US talks and threatened to close the Strait of Hormuz, prompting a risk-off shift that drove Brent and WTI oil prices higher. The geopolitical shock and oil spike pushed traders out of crypto and other risk assets even as AI stocks kept the S&P 500 higher, creating short-term downside risk for crypto market performance and adoption.
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- Bitcoin hit a seven-week low as Iran paused US talks and Hormuz tensions lifted crude.
- Brent and WTI jumped after Iran raised closure plans for the Strait of Hormuz oil route.
- Trump said Iran had not informed the US, while AI stocks kept the S&P 500 higher overall.
Bitcoin fell to a seven-week low on Monday after Iran reportedly suspended indirect US-Iran talks and threatened to close the Strait of Hormuz. The move lifted oil prices and pushed traders away from risk assets, including crypto.
BTC dropped to around $70,680 after the reports emerged.
Iran Halts Talks, Threatens Hormuz Closure
IRGC-affiliated Tasnim News Agency reported that Iran had suspended all mediated exchanges with the United States on Monday. The report said both sides remained apart on a deal to extend the ceasefire and end the war.
Tasnim reported that Iran planned to pursue the comp…
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