On the 9th (local time), the U.S. military carried out retaliatory strikes against Iran in response to the downing of a U.S. Apache helicopter that had been patrolling near the Strait of Hormuz, according to the U.S. Central Command (CENTCOM). CENTCOM announced via X (formerly Twitter) that the operation, conducted under the direction of President Donald Trump, began at 5:00 p.m. Eastern Time (6:00 a.m. Korea Standard Time on June 10).

Ceasefire Talks Break Down, Trump Considers Further Action

Ceasefire talks between the United States and Iran broke down on the 12th (local time), according to the Wall Street Journal (WSJ). The WSJ reported that Trump is considering resuming limited military strikes as a way to break the impasse. Administration officials noted that a large-scale bombing campaign is also under review, though it is seen as unlikely due to concerns it could destabilize the region further and prolong the conflict.

According to the WSJ, Trump’s administration is also assessing the possibility of maintaining a naval blockade of the Strait of Hormuz. This measure, they suggest, could be a temporary strategy to pressure allies into taking responsibility for militarily escorting ships through the vital waterway.

Trump Threatens ‘Harder’ Strikes as Tensions Rise

Hours after the ceasefire collapsed, Trump posted on Truth Social, stating, ‘Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble.’ He added that the U.S. is prepared to carry out ‘harder’ strikes on Iran if necessary, according to a post shared on Truth Social.

Geopolitical tensions have also driven increased volatility in the cryptocurrency market. Bitcoin (BTC) saw a surge in price as traders responded to the escalating situation between the U.S. and Iran. On X, trader Lennaert Snyder noted the ‘suspicious’ price gains and predicted a potential move to $66,000 for Bitcoin in the coming weeks. Fellow trader Killa added that history suggests the week’s high may come sooner rather than later.

Market Pressure and Sell-Offs on Binance

Analysis of order books on Binance showed continued aggressive selling pressure, according to a commentary by Exitpump. They noted that the recent price rise appears to be driven largely by derivatives markets rather than spot trading. ‘Despite price slowly grinding higher, Binance spot continues to sell into the move. Mostly perps driven move up,’ they wrote on Saturday.

Earlier in the week, Cointelegraph had reported on the ‘aggressive’ sell pressure from Binance traders, which has kept upward momentum in check for Bitcoin despite the geopolitical uncertainty. As the situation between the U.S. and Iran continues to unfold, markets remain on edge, with traders closely watching for further developments in both the political and financial spheres.