The US military just conducted one of the most intensive bombing campaigns against Iran in modern history, striking more than 300 targets across three nights from July 9 to July 11. And crypto markets, predictably, did not take the news well.
Bitcoin fell to the $62,000 to $63,000 range as the scope of the strikes became clear, while the CoinDesk 20 Index declined approximately 2.9% in a single session.
What happened in the Strait of Hormuz
US Central Command carried out precision strikes targeting Iranian missile and drone infrastructure, naval capabilities, air defense systems, and coastal surveillance assets. The campaign was framed as a direct response to Iranian attacks on commercial shipping in the Strait of Hormuz, one of the world’s most critical oil transit chokepoints.
The operation escalated in phases. Roughly 170 targets were hit during the first two days of strikes. An additional 90 or so were struck in subsequent overnight operations. The final night alone saw approximately 140 targets taken out.
