President Donald Trump threatened severe military strikes against Iran’s Kharg Island oil facility on June 11 before abruptly canceling the operation hours later. The targeted infrastructure handles approximately 90% of Iran’s crude exports. Trump cited progress in negotiations as the reason for reversing course.
Global markets responded immediately to the de-escalation. Bitcoin climbed roughly 3% to $63,400, recovering from earlier losses tied to the initial threat. This price action signals risk-on relief rather than safe-haven accumulation. Earlier military posturing this year had previously driven volatility near the $77,000 level.
Crude oil prices moved inversely to digital assets. Brent dipped below $87 per barrel as supply disruption fears subsided. For crypto investors, the intraday swing from $61,100 to $63,400 created significant liquidity events for leveraged positions while testing spot holder conviction amid ongoing geopolitical uncertainty.