US Central Command launched what it called “self-defense strikes” against Iranian missile launch sites and vessels suspected of laying mines near the Strait of Hormuz on May 25. The timing could not have been worse, or more ironic: peace talks between the two nations were actively underway in Qatar, with President Trump publicly touting progress toward an agreement.
Bitcoin responded the way Bitcoin tends to respond to geopolitical chaos. It fell below $80,000 before clawing back some ground as de-escalation signals trickled out of Doha.
What happened at Hormuz
The strikes targeted Iranian missile sites and vessels that US forces believed were deploying mines in the strait. Roughly 20% of the world’s oil trade passes through the Strait of Hormuz, a narrow passage between Iran and the Arabian Peninsula.
This clash didn’t emerge from a vacuum. The US and Israel began military operations against Iranian targets on February 28, and a ceasefire was eventually established on April 8. That ceasefire, fragile from the start, is now under severe strain.
