Bitcoin dropped below $77,000 after the United States launched new military strikes against Iranian targets, extending losses across crypto and broader markets. Ethereum also fell, with roughly $115 million in long positions liquidated within an hour. Oil prices jumped on fears over shipping through the Strait of Hormuz.
Bitcoin fell below $77,000 and traded around $76,762 after the United States launched new strikes against Iranian targets. Ethereum dropped below $2,400, with about $115 million in long positions liquidated within an hour, according to Coinglass.
Strikes on Iran drag crypto lower
According to the U.S. Central Command, operations began at 12 p.m. ET on Tuesday. According to CENTCOM: "U.S. forces began striking Islamic Revolutionary Guard Corps targets in Iran", linking the action to recent attempted attacks around the Strait of Hormuz.
Iranian state media reported explosions on Qeshm Island, on the northern side of the strait, along with explosions in Bandar Abbas and Chabahar. The selloff also reached equities: the S&P 500 fell to its lowest level since August 4 as Treasury yields rose.
Oil surges on Strait of Hormuz fears
U.S. oil prices moved toward $90 a barrel, and Brent crude neared $93 as traders watched shipping conditions around the strait. Reports emerged that two tankers were hit while leaving the Strait of Hormuz, adding to supply concerns after earlier exchanges between U.S. and Iranian forces.
Iranian officials warned Gulf oil exports could face disruption if pressure increases, while President Masoud Pezeshkian said Tehran would reciprocate if Washington returned to commitments under an earlier memorandum. Trump, for his part, characterized the strikes as extensive and forceful, warning Iran would face a far more severe response if it retaliated.
Chart flashes a bearish signal
Separately, Investing.com's technical analysis flagged a bearish Marubozu candle on Bitcoin's five-hour chart near $77,248, following a completed double top at $81,330. Support sits at $76,979, with structural support at $75,451 and downside targets as deep as $71,942 if that level fails.
Sources: CoinGape, Investing.com
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