Crypto markets shed $80B after fresh US strikes on Iran

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Cryptocurrency markets have shed around $80 billion in value over the past 24 hours, with losses accelerating after the US reportedly carried out a new wave of military strikes on Iran. The US ​military carried out new strikes late on Wednesday targeting ‌an Iranian military site and shooting down four Iranian attack drones, which a ​US official told Reuters posed a threat around the Strait of Hormuz. “These actions were measured, ‌purely ⁠defensive, and intended to maintain the ceasefire,” the official said. Iran’s Islamic Revolutionary Guard Corps reportedly released a statement saying that it has retaliated by attacking a US airbase in Kuwait. The strikes came during negotiations to end the war that began on Feb. 28 with US and Israeli attacks. US President Donald Trump said at a White House cabinet meeting on Wednesday that he was “not satisfied” with a deal with Iran and alluded to further military action. The US strikes sent crypto markets tumbling to their lowest level since mid-April, after the market had climbed earlier this week after Trump hinted that a peace deal would soon be finalized. Bitcoin has lost 3.5% on the day, falling to $72,646 on Coinbase, its lowest level since April 13. Bitcoin fell to a six-and-a-half-week low after US strikes on Iran on Wednesday. Source: TradingView LVRG Research director Nick Ruck told Cointelegraph on Thursday that markets sold off as investors priced in heightened geopolitical risk, potential oil supply disruptions and a flight to safety. Related: Bitcoin falls further as BTC miners pivot to AI, pro-crypto legislation stalls “Bitcoin and Ethereum, despite their long-term narrative as hedges, continue to behave more like high-beta risk assets during periods of uncertainty,” he said. Ether (ETH) also fell on news of the strikes, collapsing below the psychological $2,000 level, slumping more than 4% to $1,976 at the time of writing. The asset is at its lowest level since late March. Crude oil prices also reacted with a 3.5% increase as WTI topped $92 while Brent climbed to $98 per barrel. Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest

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US strikes on Iran have escalated geopolitical tensions in the Middle East. This event triggered a risk-off sentiment across markets, leading to an $80B loss in cryptocurrency market value.

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