Iran’s Islamic Revolutionary Guard Corps launched coordinated missile and drone strikes against US military installations in Kuwait, Bahrain, and Jordan on June 10. The IRGC targeted up to 21 sites, including critical airbases in Jordan and Kuwait, calling the operation direct retaliation for recent American strikes near the Strait of Hormuz.
The escalation triggered an immediate $80 billion liquidation across global cryptocurrency markets. Investors rapidly exited digital assets, shifting capital into traditional safe havens like gold, US Treasuries, and the dollar. The sell-off was broad-based, reflecting heightened geopolitical risk rather than sector-specific weakness.
Regional tensions are intensifying. Saudi Arabia has publicly condemned the attacks, signaling a stronger diplomatic alignment with Washington. Meanwhile, global markets are bracing for potential disruptions to oil shipments through the Strait of Hormuz, a maritime chokepoint handling roughly 20 percent of daily global supply. Any sustained interruption could reignite inflationary pressures and force central banks into difficult policy positions.
For traders, the immediate focus remains on energy volatility and crypto leverage metrics. Monitoring open interest and funding rates will determine whether digital markets stabilize or face further cascading liquidations as the geopolitical situation develops.