Iran’s Islamic Revolutionary Guard Corps launched drone and missile strikes against US military infrastructure in Bahrain and Kuwait in July 2026, retaliating for American airstrikes on Iranian positions in the country’s south. The escalation sent shockwaves through global markets, and crypto was no exception.
Bitcoin dropped to roughly $99,500 during the initial chaos before clawing back above $102,000. In between those two numbers: more than $700 million in leveraged positions liquidated across crypto markets.
The geopolitical picture
The IRGC claimed direct responsibility for the strikes on US-linked military bases in both Gulf states.
The Strait of Hormuz, the narrow waterway separating Iran from the Arabian Peninsula, handles approximately 20% of the world’s oil supply. Any military activity in its vicinity doesn’t just rattle defense ministries. It rattles every commodity desk and trading floor on the planet.
