US Central Command executed a seventh consecutive night of airstrikes against Iranian military installations in Hormozgan province, targeting surveillance systems, air defenses, and missile infrastructure near the Strait of Hormuz. The region handles roughly 20% of global oil shipments.
The military campaign followed the collapse of a ceasefire agreement on July 15. Iran retaliated with a ballistic missile strike on US-linked targets in Jordan, killing two American service members on July 17. Tehran also launched attacks on Kuwaiti interests and other Gulf states while asserting control over the vital shipping channel.
Bitcoin dropped below $64,000 during the strikes, trading between $62,800 and $63,800. The decline reflects classic risk-off sentiment as investors assess potential oil supply disruptions. Rising crude prices would fuel inflation expectations, likely pushing Federal Reserve rate-cut timelines further into the future.
The conflict represents a significant escalation with direct US military casualties. Traders are monitoring Bitcoin's $62,800 support level closely, as leveraged crypto markets could amplify downside moves beyond the underlying geopolitical impact.