US airstrikes targeting Iranian civilian infrastructure in mid-July 2026 have knocked out power across parts of the country and sent shockwaves through crypto markets. Bitcoin dropped over 2% to approximately $62,000 as traders scrambled to de-risk, with roughly $350 million in liquidations hitting the market in short order.
The strikes hit the Bandar Abbas-Khorstan-Lar bridge and surrounding facilities, causing localized power outages in Kahorstan. Iran’s response was blunt: the Strait of Hormuz will not return to its pre-war status, with warnings of retaliation if further attacks occur.
The Strait of Hormuz is one of the most consequential chokepoints in global energy. Roughly a fifth of the world’s oil supply passes through it on any given day.
Trading activity around gold-backed tokens and oil derivatives on decentralized platforms surged in the wake of the strikes.
Iran’s crypto entanglement runs deeper than most realize
