The global crypto market fell 1.1% to a $2.28 trillion capitalization on July 25, 2026, as fresh Trump tariffs on 60 nations and Iran-linked military tension pushed oil toward $88.60 and dragged equities lower alongside digital assets. Today’s pullback is macro-driven rather than crypto-specific. Trump’s new tariff round — 10-12.5% on 60 countries citing forced-labor practices — landed the same day reports surfaced of a US B-1 bomber deployment tied to Iran, sending oil toward $88.60 and Treasury yields higher. The Nasdaq’s more-than-2% slide was sharper than crypto’s overall -1.1%, suggesting digital assets are, for now, tracking rather than leading the risk-off move.