US launches new strikes on targets in Iran, Bitcoin drops 2% as crypto liquidations near $1B

The United States launched a new round of military strikes against Iranian targets on June 10, marking yet another escalation in a conflict that has become a recurring nightmare for crypto portfolios. Bitcoin slid roughly 2% to around $61,000 in the immediate aftermath, while total crypto market liquidations approached nearly $1 billion within 24 hours.

What happened and why it matters for markets

US Central Command carried out what it described as targeted self-defense strikes against Iranian military capabilities. The operations focused on surveillance systems and air defense installations concentrated in Iran’s southern regions near the Strait of Hormuz, one of the most strategically vital chokepoints for global energy flows.

The strikes were a direct response to escalating threats from Iranian missile and drone activities. Notably, an American Apache helicopter was downed in the contested region in the lead-up to the operation, ratcheting up the pressure on Washington to respond with force.

Earlier military actions in May triggered a similar wave of volatility that resulted in a total market valuation drop of about $80 billion. During that stretch, Bitcoin fell below $73,000 as traders scrambled for the exits.

The broader conflict and regulatory squeeze

The current Iran conflict traces back to February 28, 2026, when significant US-Israel military operations kicked off what has become a prolonged and multi-phase engagement.

On June 2, just eight days before the latest strikes, the US Treasury Department imposed sanctions on Nobitex, Iran’s largest cryptocurrency exchange, along with its founders. The enforcement action cited connections to the Islamic Revolutionary Guard Corps (IRGC).

Nobitex’s designation as a sanctioned entity carries real consequences for the broader ecosystem. Any platform, wallet provider, or counterparty that interacts with Nobitex-linked addresses now faces potential enforcement action.

What this means for investors

Bitcoin was above $73,000 before the May strikes, dropped below that level during the volatility, recovered somewhat, and then got knocked down to $61,000 after the June 10 operation.

Nearly $1 billion wiped out in a single day suggests that a significant portion of the market was positioned for upside, using leverage, at the worst possible time.

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