Bitcoin and Ethereum prices took a hit on Wednesday, July 8, 2026, as Bitcoin opened at $63,318.46, down 1.1% from the previous day, while Ethereum opened at $1,769.31, down 1.6%. By 8:45 a.m. ET, Bitcoin was trading at $62,044.96, and Ethereum at $1,742.22. The decline in prices can be attributed to renewed hostilities in the Middle East, particularly between the U.S. and Iran.
The U.S. conducted airstrikes against Iranian targets in response to Iran’s attacks on non-military ships in the Strait of Hormuz. With talks between the two nations already on hold due to Iran’s mourning period for the late Supreme Leader Ali Khamenei, the airstrikes have further escalated tensions and raised concerns about long-term peace in the region. As a result, demand for risk-based assets like cryptocurrency has decreased, leading to the downward trend in prices.
Analysts and investors are closely monitoring the situation to determine whether this decline in crypto prices is temporary or a more prolonged trend. This comes at a time when the crypto market is already trying to recover from one of its worst monthly performances in years.
When it comes to taxes on cryptocurrency transactions, it’s essential to note that selling crypto for a profit or exchanging one digital asset for another can trigger taxable events. The IRS considers these transactions as taxable events, and they should be reported on your tax return for the year in which they occurred. The amount of tax you pay depends on how long you held the asset before selling and your overall taxable income and filing status.
Timing is crucial when it comes to crypto taxes, as holding an asset for less than a year typically results in higher tax rates compared to holding it for a longer period. A few days can make a significant difference in the tax amount owed, so it’s essential to be mindful of the timing of your transactions.
For a visual representation of Bitcoin and Ethereum price movements, you can refer to the price charts provided by Yahoo Finance below. These charts offer a visual history of how the values of Bitcoin and Ethereum have evolved over time, making it easier for both new and experienced crypto investors to track their performance.
Stay updated on the latest developments in the crypto market by following Yahoo Finance and other sources for timely information and insights. Remember that the world of cryptocurrency is dynamic and constantly evolving, so it’s essential to stay informed to make informed investment decisions.
