US strikes over 300 Iranian targets in three days as Bitcoin slides to $62K range

The US military just conducted one of the most intensive bombing campaigns against Iran in modern history, striking more than 300 targets across three nights from July 9 to July 11. And crypto markets, predictably, did not take the news well.

Bitcoin fell to the $62,000 to $63,000 range as the scope of the strikes became clear, while the CoinDesk 20 Index declined approximately 2.9% in a single session.

What happened in the Strait of Hormuz

US Central Command carried out precision strikes targeting Iranian missile and drone infrastructure, naval capabilities, air defense systems, and coastal surveillance assets. The campaign was framed as a direct response to Iranian attacks on commercial shipping in the Strait of Hormuz, one of the world’s most critical oil transit chokepoints.

The operation escalated in phases. Roughly 170 targets were hit during the first two days of strikes. An additional 90 or so were struck in subsequent overnight operations. The final night alone saw approximately 140 targets taken out.

This latest round of military action followed the collapse of what had been a fragile ceasefire. President Trump publicly declared the ceasefire “over” as tensions spiraled.

Why crypto reacted the way it did

The slide to the $62,000 to $63,000 range represented a meaningful pullback. A 2.9% drop in the CoinDesk 20 Index, which tracks a basket of major digital assets, suggests the selling pressure was not isolated to Bitcoin.

The bigger picture for markets

Earlier phases of the US-Iran confrontation in 2026 had already introduced volatility, with commercial shipping disruptions creating ripple effects across global supply chains.

Over 300 targets struck in 72 hours signals a sustained campaign. The market implications depend on whether Iran retaliates further, whether shipping disruptions worsen, and whether the conflict draws in additional parties.

Traders with leveraged positions face elevated liquidation risk during sudden moves driven by breaking news rather than on-chain fundamentals.

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