American forces intercepted a barrage of Iranian ballistic missiles and drones targeting Kuwait, Bahrain, and the Strait of Hormuz on June 6, with US Central Command confirming that six of seven missiles were neutralized before reaching their targets. The seventh missile failed on its own, meaning none of the strikes hit their intended destinations.
The crypto market’s response was swift and brutal. More than $700 million in leveraged long positions were liquidated within 12 hours of the attacks, as traders scrambled to de-risk in the face of a potential wider conflict in the Persian Gulf.
What happened in the Gulf
CENTCOM confirmed that US forces, working alongside Bahraini and Kuwaiti defense systems, intercepted the Iranian ballistic missiles targeting key allied positions in the region. In addition to the missile defense operations, American forces shot down four Iranian one-way attack drones over the Strait of Hormuz, a chokepoint through which roughly a fifth of the world’s oil supply flows daily.
The US military also conducted counterstrikes against Iranian radar installations. This all unfolded while ceasefire negotiations were actively underway.
