On July 8, 2026, Iran’s Islamic Revolutionary Guard Corps announced it had launched a large-scale missile and drone offensive targeting approximately 85 US military sites across Kuwait and Bahrain, framing the operation as direct retaliation for prior American airstrikes on Iranian territory.
Bitcoin dropped to around $99.5K almost immediately after the news broke, then bounced back above $102K.
What actually happened on the ground
The IRGC’s July 8 operation did not come out of nowhere. The cycle started earlier in 2026, when US forces struck Iranian radar installations and drone facilities. Iran responded with attacks on US airbases and missile systems in Kuwait, and the exchange has been escalating in scope ever since.
Kuwait’s military reported intercepting a meaningful portion of the incoming drones and missiles. Initial accounts put US personnel casualties at minimal.
