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Iran’s army launched drone attacks on US military targets in the Persian Gulf region. Bitcoin dropped to roughly $99.5K in the immediate aftermath of the strikes before rebounding above $102K shortly after.
What happened and why it matters
The Iranian Islamic Revolutionary Guard Corps targeted US military sites in Bahrain and Kuwait on June 28, 2026. The strikes were a direct response to US airstrikes conducted near the Strait of Hormuz and other locations in the region.
The current conflict traces back to massive US-Israeli strikes on Iran on February 28, 2026, which resulted in the death of Iran’s Supreme Leader Ali Khamenei. Since then, Iran has waged a sustained retaliatory campaign targeting US facilities across the Gulf states.
The Strait of Hormuz is the narrow waterway through which roughly 20% of the world’s oil supply flows.
Bitcoin’s geopolitical stress test
In May 2026, when US strikes near the Strait of Hormuz escalated tensions to a new level, Bitcoin fell below $73K. That move triggered roughly $1 billion in liquidations across crypto markets.
What investors should be watching
For traders and investors navigating this environment, position sizing matters. The $1 billion in liquidations during the May drawdown wasn’t caused by the geopolitical event itself — it was caused by people who were overleveraged when the event happened.
The Strait of Hormuz remains a critical geographic chokepoint. Oil prices, shipping routes, and global supply chains all funnel through that narrow passage.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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