The US military completed a fresh round of airstrikes against Iranian targets at approximately 10 p.m. ET on July 29, hitting sites associated with the Islamic Revolutionary Guard Corps in southern Iran. The strikes targeted locations around Bandar Abbas, Kish Island, and Qeshm Island, following President Donald Trump’s promise to hit Iran “very hard.”
For crypto markets, the timing could not have been worse. Bitcoin dropped 1-3% as traders shifted into risk-off mode.
What happened and why it matters
The July 29 strikes represent the latest chapter in a conflict that traces back to joint US-Israel operations launched on February 28, 2026. Iran had launched ballistic missiles targeting US assets in the region, including bases in Jordan, which gave Trump the justification to escalate. His declaration on July 8 that the ceasefire was “over” had already rattled markets weeks before the bombs actually dropped.
The conflict has involved daily airstrikes and military coordination with both Israel and Saudi-aligned forces.
