US Central Command announced strikes against more than 80 Iranian sites on July 7, 2026, citing Iranian attacks on commercial vessels in the Strait of Hormuz as the trigger.
This marks the latest escalation in a conflict that began in March. Previous rounds of strikes in May caused Bitcoin to drop sharply, falling below $73,000 and triggering nearly $1 billion in market liquidations.
The Strait of Hormuz angle adds an energy price dimension. Sustained conflict could disrupt oil flows, sending energy prices higher and increasing operational costs for energy-intensive Bitcoin mining.
The key risk for traders is leverage. Past liquidation events were amplified by high levels of borrowed capital in long positions. Funding rates and open interest on derivatives platforms are critical indicators to watch.
With strikes now confirmed across multiple months, the market must assume this is not a short-term story.