The United States and Iran launched missile strikes against each other’s military facilities overnight, shattering what remained of an already threadbare ceasefire. The exchange marks the most significant direct military confrontation between the two nations in decades, and crypto markets responded exactly how you’d expect: with chaos.
Bitcoin surged past $80,000 briefly before retreating to around $79,000, a violent round-trip that left a trail of liquidated positions in its wake. More than $200 million in crypto liquidations were recorded in the 24 hours following the strikes, with over $115 million of that coming from long positions.
What happened between the US and Iran
US forces conducted defensive strikes targeting Iranian missile launch facilities and naval vessels near the Strait of Hormuz on May 25-26. The Pentagon framed the action as a response to ongoing violations of a ceasefire that had been established on April 8, brokered by Pakistan.
Iran condemned the strikes as ceasefire violations and issued threats of retaliation.
