Iran declared the Strait of Hormuz closed “until further notice” on July 12 after the US launched its third round of airstrikes against Islamic Revolutionary Guard Corps targets in a single week. The move threatens to choke one of the world’s most critical maritime trade corridors, and traditional markets reacted about as calmly as you’d expect, which is to say, not at all.
Bitcoin, meanwhile, barely moved. The largest cryptocurrency traded around $63,800 on July 12 and 13, posting a roughly 0.3% daily decline while oil prices spiked and equity markets sold off.
What happened and why the Strait matters
The US strikes targeted IRGC military installations in the strategically vital Strait of Hormuz, the narrow waterway separating Iran from the Arabian Peninsula. Roughly a fifth of the world’s daily oil supply passes through this corridor. This wasn’t a one-off escalation. The July strikes represent the third round of US military action against Iranian assets in just seven days, building on earlier skirmishes in February and May of 2026.
Bitcoin’s unusual calm
