Iran launches drones at ships in the Strait of Hormuz, Bitcoin drops below $73K as risk-off panic spreads

Iran’s Islamic Revolutionary Guard Corps fired multiple drones at commercial ships transiting the Strait of Hormuz starting Sunday, with US Central Command confirming it shot down several of the one-way attack drones aimed at vessels passing through the narrow waterway. The strait remained open for navigation. Iran is willing to threaten the corridor through which roughly 20% of global oil moves every day.

Bitcoin fell below $73K, with estimated liquidations ranging between $700 million and $1 billion as traders scrambled for the exits.

What happened in the strait

On June 12-13, CENTCOM confirmed the interception and destruction of several Iranian drones that were targeting vessels transiting the chokepoint. These weren’t surveillance drones doing flyovers. They were one-way attack drones, the kind designed to hit something and not come back.

The incidents are part of a broader pattern. The IRGC has been implicated in drone strikes on tankers, including vessels named the Prima and Louis P, since February 2026. Iran has also been enforcing what it calls a “traffic separation scheme” in the strait, a unilateral move that effectively lets Tehran dictate terms to commercial shipping in international waters.

In response to the escalating maritime threats, American forces conducted targeted strikes against Iranian surveillance and radar sites in the region. The goal: degrade Iran’s ability to track and target vessels moving through the chokepoint.

The Strait of Hormuz is only about 21 miles wide at its narrowest point.

The crypto market fallout

Risk-off sentiment hit crypto markets hard. Bitcoin’s slide below $73K came alongside massive liquidations, with estimates putting the damage between $700 million and $1 billion. In English: leveraged traders betting on higher prices got wiped out as the market moved against them.

Iran’s cryptocurrency pivot

Iran has been progressively integrating Bitcoin and stablecoins into its economic infrastructure. The country is reportedly exploring the use of digital assets for transit fees and insurance, particularly as traditional financial channels remain blocked by international sanctions.

Iran doesn’t love decentralization. It loves the fact that stablecoins can move value across borders without touching the SWIFT network. When your central bank is sanctioned and your currency is under pressure, crypto becomes less of an investment thesis and more of a plumbing solution.

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