TL;DR

  • The US launched military strikes against Iran after an Apache helicopter was shot down near the Strait of Hormuz
  • Bitcoin fell to $61,766 — down more than 3 percent on the day — touching an intraday low of $60,718
  • Over $664 million in crypto positions were liquidated within 24 hours
  • The event extends a month-long decline for Bitcoin from its all-time high of $126,272 set in October 2025

US strikes Iran

The US military launched strikes against targets in Iran on Tuesday, June 9, 2026, according to Seeking Alpha. The trigger was the shootdown of an American military helicopter near the Strait of Hormuz — a waterway whose strategic importance to global energy supply makes the incident far more than a bilateral military episode.

The Strait of Hormuz carries an estimated one-quarter of the world's oil exports. Any threat to free passage there is transmitted immediately through commodity prices and into financial markets.

Over $664 million in crypto positions were wiped out in 24 hours after the US struck Iran.
US bombs Iran — Bitcoin plunges below $62,000 - Bilde 1

Bitcoin falls like a risk asset

The reaction in the crypto market was immediate and severe. Bitcoin dropped to $61,766 — its lowest level in several weeks — and pressed down toward $60,718 during the trading day, according to collected market data. That represents an intraday loss of more than 3 percent.

This is not an isolated decline. Since May 11, Bitcoin has shed an estimated $400 billion in total market capitalization, and the asset now sits far below the record high of $126,272 set in October 2025.

$61,767
Bitcoin June 9
$126,272
All-time high Oct. 2025
$664M
Liquidated positions (24h)
US bombs Iran — Bitcoin plunges below $62,000 - Bilde 2

From safe haven to risk asset

Bitcoin's reaction pattern to US-Iran conflicts has shifted dramatically since 2020. When General Soleimani was killed in January 2020, Bitcoin rose nearly 5 percent and was described as a "flight-to-safety" asset on par with gold, according to historical market data.

In 2026, the picture has reversed. The introduction of spot Bitcoin ETFs in January 2024 brought large institutional players into the market — and these managers treat Bitcoin as a high-risk technology stock. When fear rises, they sell.

Analysts describe the mechanism as follows: conflict threatens oil supply → oil prices rise → inflation accelerates → the Federal Reserve delays rate cuts → tighter money pushes up risk premiums → Bitcoin falls.

Iran uses crypto to circumvent sanctions

The conflict has another dimension that explains why Washington is watching the crypto market closely: Iran is among the world's largest users of digital assets to evade international sanctions.

Around 14 million Iranians — one in six — use cryptocurrency to navigate around sanctions and the collapse of the rial, according to available analysis. Iran's crypto ecosystem surpassed $7.78 billion in 2025.

The Islamic Revolutionary Guard Corps (IRGC) and affiliated networks accounted for more than 50 percent of the total value received by Iranian crypto services in the fourth quarter of 2025, according to analytics firm TRM Labs — over $3 billion throughout the year.

As recently as June 2, 2026, the US Treasury Department sanctioned Iran's four largest crypto exchanges — Nobitex, Wallex, Bitpin, and Ramzinex — along with their executives, for money laundering, terrorist financing, and sanctions evasion. Treasury Secretary Scott Bessent stated on the occasion that "while Iran's economy is in freefall, the regime has chosen to exploit digital asset technology for its own corrupt agenda."

In April 2026, stablecoin issuer Tether froze $344.2 million in wallets linked to the Iranian central bank and the IRGC-Quds Force.

Crypto as a 'pressure valve' during weekend shocks

Hayden Hughes of Tokenize Capital notes that Bitcoin's 24/7 trading makes it a "pressure valve" during geopolitical shocks that occur on weekends, when stock and bond markets are closed. Selling pressure that would otherwise be distributed across multiple asset classes is absorbed entirely by the crypto market.

Markus Thielen at 10x Research noted in March that "traders generally do not expect the Iran conflict to have major negative economic consequences," and that demand for upside options on Bitcoin had increased. That statement came during a calmer period. On June 9, the market tells a different story.

With the Fear & Greed Index down to 10 out of 100 — deep in "extreme fear" territory — and Bitcoin near critical support around $60,000, close attention will be paid going forward to whether the Strait of Hormuz remains open and whether diplomatic channels are activated.