Bitcoin price fell below $78,000 as the United States carried out military strikes against Iranian targets on Tuesday. At the time of reporting, Bitcoin was trading at $76,762 after also dropping below the $77,000 level.
According to U.S. Central Command, operations began at 12 p.m. ET on Tuesday, targeting Islamic Revolutionary Guard Corps installations in Iran. The command linked the action to recent attempted attacks around the Strait of Hormuz. Iranian state media reported explosions on Qeshm Island, as well as in Bandar Abbas and Chabahar.
Crypto Markets React to Geopolitical Tensions
Ethereum also declined, falling below $2,400 as selling pressure spread across cryptocurrency markets. The sharp downturn triggered significant liquidations, with approximately $115 million in long positions liquidated within 60 minutes, according to Coinglass data.
The cryptocurrency decline mirrored broader market weakness. The S&P 500 fell to its lowest level since August 4, while U.S. Treasury yields rose in response to the escalating tensions.
Oil Markets Surge on Supply Concerns
U.S. crude oil prices moved toward $90 per barrel following the strikes, with Brent crude nearing $93. Traders are monitoring shipping conditions around the Strait of Hormuz closely, particularly after reports that two tankers were hit while leaving the waterway.
Iranian officials have warned that Gulf oil exports could face disruption if military and economic pressure continues. Tehran has also indicated it could respond to additional U.S. action.
Warning of Further Escalation
President Donald Trump described the latest strikes as "large and powerful" and warned Iran against launching another military response, stating Iran would face a "much harder and higher level" of attack if it retaliated.
An Islamic Revolutionary Guard Corps spokesperson responded through Iran's Fars news agency, saying the United States "will regret its new attacks."
