US Central Command launched strikes against Iranian drone ground control stations near Bandar Abbas on May 27, targeting radar systems and command facilities that the Pentagon says were used to threaten shipping through the Strait of Hormuz. Bitcoin responded the way it usually does when missiles start flying: it went down.
The world’s largest cryptocurrency fell below $77,000 in the immediate aftermath, triggering roughly $300 million in liquidations across the derivatives market.
What happened in the Strait
The US military characterized the operation as limited and defensive. Four incoming one-way attack drones were intercepted before reaching their targets, and the strikes on Iranian positions were designed to prevent a fifth launch in the Strait of Hormuz, one of the most critical oil transit chokepoints on the planet.
Iran didn’t take long to respond. Tehran claimed it had already downed a US drone and warned of stronger retaliation if attacks continued. That warning materialized days later on May 30, when an Iranian missile struck a US base in Kuwait, injuring personnel and damaging equipment.
