Bitcoin’s push above $80,500 stalled abruptly as geopolitical tensions between Iran and the United States escalated over the past several hours, amid reports of an attack near the Strait of Hormuz.
According to Iran’s state outlet IRGC, cited by Al Jazeera, two missiles reportedly struck a U.S. Navy vessel near Jask in the Hormuz after the ship allegedly ignored warnings from the Revolutionary Guard to stop.
These events followed an announcement from U.S. President Donald Trump that the United States was launching a new mission to escort ships through the Strait, described as a “humanitarian gesture” intended to protect vessels from various regional threats.
The world’s largest cryptocurrency reacted instantly with a sharp decline, falling toward $78,000 after earlier reaching a peak above $80,500 — its highest level in more than three months.
The reported incidents injected immediate volatility across the wider crypto market, with most altcoins moving down in step. Liquidations have surged, reaching as much as $450 million over the past 24 hours, including more than $70 million in long positions liquidated in the last hour alone.
Data from CoinGlass indicates that nearly 110,000 traders were liquidated during the past day as the sudden price swings wiped out leveraged positions.
UPDATE: Shortly after the initial claims, the U.S. military denied that an American warship was struck while attempting to enter the Strait. Separately, authorities in the United Arab Emirates reported that a tanker affiliated with ADNOC was hit in the Hormuz, but no injuries were reported.