Crypto majors sold off 3% to 4% and nearly $1 billion in leveraged positions were wiped out after U.S. airstrikes on an Iranian military site near the Strait of Hormuz reignited the conflict markets had started to price out.

US military strikes on Iran after drone attacks in the Strait of Hormuz triggered $300M in crypto liquidations, pushing Bitcoin below $80K amid geopolitical turmoil.

US forces shot down four Iranian drones and struck targets in southern Iran, sending Bitcoin below $77K and triggering $300M in crypto liquidations.