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Iranian drone strikes hit Terminal 1 of Kuwait International Airport on June 3, sending shockwaves through both regional aviation and global financial markets. Kuwait shut down its airspace entirely, diverting flights and grounding operations as emergency responders dealt with one fatality and 63 injuries on the ground.
The airspace closure lasted roughly two hours before traffic resumed at approximately 6:15 a.m. on June 6. In the interim, 11 flights operated by Kuwait Airways and Jazeera Airways were rerouted to nearby airports.
The attack and its immediate fallout
The drone strikes targeted Terminal 1 directly. Kuwait hosts multiple US military bases, which makes it a strategic pressure point. Gulf states have faced repeated airspace restrictions since late February as the broader conflict has intensified, following military exchanges between the US, Iran, and Israel that kicked off on February 28.
Bitcoin takes a hit as risk-off sentiment spreads
During multiple sessions of conflict-related volatility, between $300 million and $1 billion in Bitcoin liquidations were recorded as leveraged traders got caught on the wrong side of sudden price swings.
Bitcoin swung from approximately $72,000 down toward $63,000 during the broader conflict period, a drop of roughly 12.5% that wiped out weeks of gains in a matter of hours.
What this means for crypto investors
The liquidation data — $300 million to $1 billion across various sessions — suggests that leverage in the crypto market remains dangerously high relative to the risk environment. Traders should be watching the trajectory of US-Iran relations and funding rates and open interest on major exchanges, which will signal how much leverage is building back up between incidents.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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