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US Central Command began striking multiple targets inside Iran at approximately 5:15 p.m. ET on June 10, following direct orders from President Donald Trump. The military action was triggered by Iran’s downing of a US Army Apache helicopter over the Strait of Hormuz, effectively ending what had been a fragile ceasefire between Washington and Tehran.
Bitcoin responded the way it usually does when missiles start flying. It went down. The largest cryptocurrency fell roughly 2% to trade around $61,000 in the immediate aftermath.
What happened and why it matters
Defense Secretary Pete Hegseth described the strikes as “strong” and “clear,” while Trump warned Tehran to expect severe consequences for what he characterized as stalled negotiations.
Roughly 20% of the world’s oil passes through the Strait of Hormuz on any given day, which is why oil prices surged almost immediately after the strikes began. Equity markets responded with predictable caution, with stock futures pulling back as traders recalibrated risk exposure.
A familiar pattern for Bitcoin traders
Earlier escalations in February and March 2026 pushed Bitcoin prices below $73,000, with liquidations reaching approximately $1 billion during the worst of it. Leveraged traders got wiped out in hours.
The May 2026 skirmish between Israel and Iran produced a similar dynamic. Bitcoin sold off sharply, liquidations exceeded $1 billion, and the market spent weeks recovering ground that vanished in a single trading session.
The oil connection crypto traders keep ignoring
The $1 billion in liquidations during earlier escalations this year came almost entirely from overleveraged longs who assumed the dip would be shallow. With Bitcoin already trading around $61,000 and geopolitical risk intensifying, the risk-reward on leverage looks deeply unfavorable until the fog of this particular conflict clears.
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