The United States launched a new round of military strikes against Iranian targets on June 10, marking yet another escalation in a conflict that has become a recurring nightmare for crypto portfolios. Bitcoin slid roughly 2% to around $61,000 in the immediate aftermath, while total crypto market liquidations approached nearly $1 billion within 24 hours.
What happened and why it matters for markets
US Central Command carried out what it described as targeted self-defense strikes against Iranian military capabilities. The operations focused on surveillance systems and air defense installations concentrated in Iran’s southern regions near the Strait of Hormuz, one of the most strategically vital chokepoints for global energy flows.
The strikes were a direct response to escalating threats from Iranian missile and drone activities. Notably, an American Apache helicopter was downed in the contested region in the lead-up to the operation, ratcheting up the pressure on Washington to respond with force.
Earlier military actions in May triggered a similar wave of volatility that resulted in a total market valuation drop of about $80 billion. During that stretch, Bitcoin fell below $73,000 as traders scrambled for the exits.
