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Iran’s Islamic Revolutionary Guard Corps launched missile and drone strikes against US military facilities in Kuwait and Iraq this week, marking a significant escalation in the ongoing conflict between Tehran and Washington. The operation, dubbed “Operation Nasr 2” by the IRGC, was framed as retaliation for prior US airstrikes targeting Iranian assets.
Bitcoin’s flash dip and rapid recovery
Bitcoin dropped to approximately $99.5K on July 8 as news of the strikes broke. Within hours, prices had climbed back above $102K.
The dip was largely driven by leveraged liquidations, meaning traders with borrowed positions got wiped out by the sudden price action, which then created a cascade of forced selling.
The strikes themselves
The IRGC targeted Camp Arifjan and Ali Al-Salem Air Base in Kuwait, both critical logistics hubs for US military operations in the region.
Reports indicated that US and Kuwaiti missile defense systems successfully intercepted some of the incoming projectiles. No major US casualties were confirmed at the time of reporting.
The strikes came against a backdrop of escalating tensions throughout 2026. Earlier in the year, a series of skirmishes and fragile ceasefires had punctuated what amounts to a slow-burning confrontation between the US and Iran. “Operation Nasr 2” suggests this was not the first such retaliatory operation, and the naming convention implies Tehran is treating these actions as a sustained campaign rather than isolated incidents.
Iran’s crypto footprint is massive, and tied to the IRGC
Iran’s digital asset ecosystem was valued at over $7.8 billion as of 2025. Approximately 50% of that activity has been linked to entities associated with the IRGC. In Q4 2025 alone, IRGC-affiliated wallet addresses reportedly received over $3 billion in funds.
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