Bitcoin under $64,000 after new U.S. strike on Iran and Trump’s China allegation
Geopolitical tensions and renewed fears of U.S.-China frictions are weighing on risk assets, including bitcoin.
Jul 17, 2026, 4:10 a.m.
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Summary
Bitcoin BTC$63,468.57 and Asian stocks fell Friday after fresh U.S. airstrikes on Iran raised geopolitical uncertainty. Additionally, President Donald Trump’s allegations that China tampered with the 2020 election hurt risk sentiment, sending the Australian dollar lower.
BTC, the leading cryptocurrency by market value, slipped to $63,600, extending Thursday’s nearly 1.4% slide from $65,000, according to CoinDesk data. As of this writing, the cryptocurrency traded just below its 50-day simple moving average, the widely-tracked gauge of near-term momentum.
Asian equity markets wilted, with Japan’s Nikkei trading nearly 3% lower at its lowest in over a month. Australia’s ASX 200 slipped by 0.5% alongside a 0.8% drop in futures tied to Nasdaq. Wall Street’s tech-heavy index fell by over 1.6% on Thursday.
Iran’s semi-official Fars news agency quoted Hormozgan Province Governorate, saying that U.S. airstrikes have hit five bridges in the southern Hormozgan province. A missile strike also hit Iran’s Chabahar maritime control tower. Surprisingly, WTI oil futures held steady at around $79 per barrel, ignoring the geopolitical stress from the fresh wave of U.S. attacks on Iran.
In the meantime, the Aussie dollar, a commodity-sensitive currency and G7 proxy for China, fell against the U.S. dollar on fears of renewed U.S.-China tensions.
Late Thursday, Trump announced the declassification of intelligence reports alleging Chinese interference in U.S. elections. He claimed that Beijing obtained 220 million U.S. voter records, calling it a major threat to democracy. China’s embassy has flatly denied the allegations.
The dispute itself isn’t market-moving, but its potential to strain U.S.-China ties ahead of Trump’s September meeting with Xi is likely what’s keeping AUD traders on edge.
“Trump’s decision to level fresh, sweeping accusations against Beijing weeks ahead of that meeting introduces a new source of friction risk into a relationship that had been steadying,” InvestingLive’s Chief Asia-Pacific Currency Analyst Eamonn Sheridan said in a market update.
“The rhetoric itself could complicate the diplomatic runway into September regardless of the underlying facts,” Sheridan added.
he AUD’s drop may be a warning that any escalation in U.S.-China tensions could heighten uncertainty and spill over into other risk assets, including BTC.
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.