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Bitcoin fell below $77,000 on Tuesday after U.S. Central Command announced fresh military strikes against Islamic Revolutionary Guard Corps targets in Iran, sending oil prices higher and triggering heavy selling across crypto and stock markets. The cryptocurrency was trading near $76,762 at the time of writing, down from an intraday high of roughly $79,166 as escalating geopolitical tensions erased its brief attempt to hold short-term support. Us Central Command Says Strikes Hit Irgc Targets in Iran The U.S. military operation began at 12 p.m. ET Tuesday, with American forces striking Islamic Revolutionary Guard Corps targets in Iran. CENTCOM said the strikes were launched in response to recent attempted attacks against commercial vessels in the Strait of Hormuz and U.S. military personnel stationed in the region. Iranian state media reported explosions across multiple locations on the country’s southern coast. The strikes came after earlier exchanges between U.S. and Iranian forces had already pushed crude prices above $90, and the latest round of action put renewed pressure on global risk assets. Oil Holds Above $90 as Strait of Hormuz Tensions Escalate Fresh strike reports added a geopolitical risk premium to crude markets, with oil holding above $90 as traders assessed the potential for supply disruption near the Strait of Hormuz. The waterway is a critical passage connecting Persian Gulf energy exporters with international markets. Before the current conflict, roughly one-fifth of global oil and liquefied natural gas supplies moved through the strait. The new military escalation raised concerns about shipping safety and energy supply routes, amplifying the broader market sell-off. Asset / Market Intraday High Level at Time of Writing Key Market Reaction Bitcoin (BTC) Near $79,166 $76,762 Broke below $78,000 then extended its decline below $77,000 Ethereum (ETH) Not disclosed in report Below $2,400 Moved lower alongside BTC during the risk-off decline Crude Oil Above $90 Not disclosed in report Extended gains as fresh strikes added geopolitical risk premium Bitcoin Breaks Through $78,000 Then $77,000 Bitcoin first fell through $78,000 as reports of the U.S. operation emerged, then extended its slide below $77,000. At the time of writing, BTC was trading around $76,762, retreating from a high near $79,166 reached earlier in the session. The decline followed a brief period of relative stability. One day earlier, Bitcoin had held near $78,000 even as earlier U.S.-Iranian exchanges pushed crude prices higher. The latest strikes placed renewed pressure on that price area and erased the asset’s attempt to maintain short-term support. Ethereum Slides Below $2,400 as Liquidations Mount Selling spread to Ethereum, which moved below $2,400 during the market decline. The broader crypto market saw a rapid wave of leveraged position closures as prices dropped. According to market data from CoinGlass, roughly $115 million in leveraged long positions across the crypto market were liquidated within one hour. Liquidations occur when an exchange closes a leveraged position after the trader’s collateral can no longer cover mounting losses. A rapid price decline can therefore force the closure of long positions, adding more sell orders to an already weak market. Iranian Coastal Locations Reported Under Fire Iranian state media reported explosions across several locations on the country’s southern coast, including areas close to the Strait of Hormuz. Additional reports identified the following among the areas struck: Qeshm Island Bandar Abbas Chabahar Jask Konarak Minab Sirik Qeshm Island and Bandar Abbas are positioned near the Strait of Hormuz, a key route for global energy shipments. The location of the reported strikes underscored the strategic sensitivity of the conflict for oil markets and international trade. August Bitcoin Rally Deteriorates in Early September Trading The price drop has followed a strong August for Bitcoin. BTC gained about 23% during the month, according to market data cited in earlier coverage, before renewed geopolitical and interest-rate concerns weighed on the opening trading sessions of September. Tuesday’s military escalation intensified those concerns, pushing Bitcoin to its latest downside move and dragging Ethereum alongside it. The combination of Middle East conflict, elevated oil prices and broader risk-off sentiment created a volatile start to the trading week. What Caused Bitcoin's Price to Fall Below $77,000? Bitcoin fell below $77,000 after the U.S. military launched strikes on Iranian Revolutionary Guard Corps targets, according to U.S. Central Command. The escalation pushed oil prices higher and triggered heavy selling across cryptocurrency and stock markets. How Much Was Liquidated in the Crypto Market After the Strikes? Roughly $115 million in leveraged long positions across the crypto market were liquidated within one hour, according to CoinGlass data. The liquidations added further sell pressure to Bitcoin and Ethereum as prices declined rapidly. Which Iranian Locations Were Reported Struck by Us Forces? Iranian state media reported explosions on Qeshm Island, Bandar Abbas, Chabahar, Jask, Konarak, Minab, and Sirik. Qeshm Island and Bandar Abbas sit close to the Strait of Hormuz, a critical passage for global energy exports. Why Does the Strait of Hormuz Matter for Global Markets? The Strait of Hormuz connects Persian Gulf energy exporters with international markets. Roughly one-fifth of global oil and liquefied natural gas supplies moved through the waterway before the current conflict, making the region strategically important for energy prices. How Did Bitcoin Perform in August Before the September Decline? Bitcoin gained about 23% during August, according to market data cited in earlier coverage. The September pullback followed renewed geopolitical tensions and interest-rate concerns that weighed on opening trading sessions.
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Bitcoin fell below $77,000 on Tuesday after U.S. Central Command announced fresh military strikes against Islamic Revolutionary Guard Corps targets in Iran, sending oil prices higher and triggering heavy selling across crypto and stock markets. The cryptocurrency was trading near $76,762 at the time of writing, down from an intraday high of roughly $79,166 as escalating geopolitical tensions erased its brief attempt to hold short-term support.
Us Central Command Says Strikes Hit Irgc Targets in Iran
The U.S. military operation began at 12 p.m. ET Tuesday, with American forces striking Islamic Revolutionary Guard Corps targets in Iran. CENTCOM said the strikes were launched in response to recent attempted attacks against commercial vessels in the Strait of Hormuz and U.S. military personnel stationed in the region.
Iranian state media reported explosions across multiple locations on the country’s southern coast. The strikes came after earlier exchanges between U.S. and Iranian forces had already pushed crude prices above $90, and the latest round of action put renewed pressure on global risk assets.
Oil Holds Above $90 as Strait of Hormuz Tensions Escalate
Fresh strike reports added a geopolitical risk premium to crude markets, with oil holding above $90 as traders assessed the potential for supply disruption near the Strait of Hormuz. The waterway is a critical passage connecting Persian Gulf energy exporters with international markets.
Before the current conflict, roughly one-fifth of global oil and liquefied natural gas supplies moved through the strait. The new military escalation raised concerns about shipping safety and energy supply routes, amplifying the broader market sell-off.
| Asset / Market |
Intraday High |
Level at Time of Writing |
Key Market Reaction |
| Bitcoin (BTC) |
Near $79,166 |
$76,762 |
Broke below $78,000 then extended its decline below $77,000 |
| Ethereum (ETH) |
Not disclosed in report |
Below $2,400 |
Moved lower alongside BTC during the risk-off decline |
| Crude Oil |
Above $90 |
Not disclosed in report |
Extended gains as fresh strikes added geopolitical risk premium |
Bitcoin Breaks Through $78,000 Then $77,000
Bitcoin first fell through $78,000 as reports of the U.S. operation emerged, then extended its slide below $77,000. At the time of writing, BTC was trading around $76,762, retreating from a high near $79,166 reached earlier in the session.
The decline followed a brief period of relative stability. One day earlier, Bitcoin had held near $78,000 even as earlier U.S.-Iranian exchanges pushed crude prices higher. The latest strikes placed renewed pressure on that price area and erased the asset’s attempt to maintain short-term support.
Ethereum Slides Below $2,400 as Liquidations Mount
Selling spread to Ethereum, which moved below $2,400 during the market decline. The broader crypto market saw a rapid wave of leveraged position closures as prices dropped.
According to market data from CoinGlass, roughly $115 million in leveraged long positions across the crypto market were liquidated within one hour. Liquidations occur when an exchange closes a leveraged position after the trader’s collateral can no longer cover mounting losses. A rapid price decline can therefore force the closure of long positions, adding more sell orders to an already weak market.
Iranian Coastal Locations Reported Under Fire
Iranian state media reported explosions across several locations on the country’s southern coast, including areas close to the Strait of Hormuz. Additional reports identified the following among the areas struck:
- Qeshm Island
- Bandar Abbas
- Chabahar
- Jask
- Konarak
- Minab
- Sirik
Qeshm Island and Bandar Abbas are positioned near the Strait of Hormuz, a key route for global energy shipments. The location of the reported strikes underscored the strategic sensitivity of the conflict for oil markets and international trade.
August Bitcoin Rally Deteriorates in Early September Trading
The price drop has followed a strong August for Bitcoin. BTC gained about 23% during the month, according to market data cited in earlier coverage, before renewed geopolitical and interest-rate concerns weighed on the opening trading sessions of September.
Tuesday’s military escalation intensified those concerns, pushing Bitcoin to its latest downside move and dragging Ethereum alongside it. The combination of Middle East conflict, elevated oil prices and broader risk-off sentiment created a volatile start to the trading week.
What Caused Bitcoin’s Price to Fall Below $77,000?
Bitcoin fell below $77,000 after the U.S. military launched strikes on Iranian Revolutionary Guard Corps targets, according to U.S. Central Command. The escalation pushed oil prices higher and triggered heavy selling across cryptocurrency and stock markets.
How Much Was Liquidated in the Crypto Market After the Strikes?
Roughly $115 million in leveraged long positions across the crypto market were liquidated within one hour, according to CoinGlass data. The liquidations added further sell pressure to Bitcoin and Ethereum as prices declined rapidly.
Which Iranian Locations Were Reported Struck by Us Forces?
Iranian state media reported explosions on Qeshm Island, Bandar Abbas, Chabahar, Jask, Konarak, Minab, and Sirik. Qeshm Island and Bandar Abbas sit close to the Strait of Hormuz, a critical passage for global energy exports.
Why Does the Strait of Hormuz Matter for Global Markets?
The Strait of Hormuz connects Persian Gulf energy exporters with international markets. Roughly one-fifth of global oil and liquefied natural gas supplies moved through the waterway before the current conflict, making the region strategically important for energy prices.
How Did Bitcoin Perform in August Before the September Decline?
Bitcoin gained about 23% during August, according to market data cited in earlier coverage. The September pullback followed renewed geopolitical tensions and interest-rate concerns that weighed on opening trading sessions.
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