US Military Strikes Spark Global Market Turmoil
The recent US military strikes on Iranian targets have sent shockwaves through global markets, causing oil prices to surge and cryptocurrency values to plummet. The strikes targeted Islamic Revolutionary Guard Corps positions in Iran after reported attacks near the Strait of Hormuz, a key passage for energy exports. As a result, Brent crude settled at $94.65 per barrel, while US West Texas Intermediate rose 5.2% to $90.22.
BTC fell below $77,000 as traders scrambled to liquidate their positions, with approximately $115 million in long positions across the crypto market unwound within one hour. Ethereum (ETH) also suffered, dropping below $2,400 during the market decline. The sudden price drop has raised concerns about inflation and interest rates, which could impact Bitcoin's next move.
The US Central Command stated that American forces began striking IRGC targets in Iran at 12 p.m. ET on Tuesday, citing recent attempted attacks against commercial vessels in the Strait of Hormuz and US military personnel stationed in the region. President Donald Trump described the operation as 'large and powerful' and warned Tehran against further retaliation.