The US military launched strikes against Iranian targets for a third straight night on July 13-14, following President Trump’s reinstatement of a naval blockade on Iranian ports. The escalation, paired with a proposed 20% fee on all cargo transiting the Strait of Hormuz, sent ripples through every asset class that trades on a screen, crypto very much included.
Bitcoin dropped more than 2%, sliding to the $62,000-$63,000 range. Ethereum, Solana, and other major altcoins followed it down in near-lockstep.
What happened and why it matters
The strikes came after a ceasefire broke down earlier in July and Iranian forces reportedly attacked commercial shipping vessels in the Strait of Hormuz. That narrow waterway handles roughly a fifth of the world’s oil supply on any given day.
Trump characterized the proposed 20% toll as reimbursement for American protection of the strait.
