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Iran Strikes Wipe 2.9% Off Crypto; Altcoins Hit Hardest
Altcoins absorbed $350M of $450M in liquidations as Bitcoin slipped toward $61K. Oil surged 2% after Trump declared ceasefire 'over', deepening the selloff.
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U.S. airstrikes on Iranian targets in the Strait of Hormuz triggered a broad crypto selloff Wednesday, pushing most tokens down 2.9% on average from midnight UTC. President Donald Trump declared the ceasefire “over” during a NATO address, adding that the U.S. would “very probably” hit Iran again. Tehran responded by firing anti-ship cruise missiles and drones at U.S. Navy warships in the Sea of Oman.
Bitcoin slipped toward the $61,000–$62,000 zone. Ethereum dropped to $1,720 after briefly touching $1,800. XRP slid about 5% to $1.07. Solana completely retraced a rally that started July 2, trading back near $77 after challenging $84. Altcoins absorbed $350 million of the $450 million in total liquidations, with JUP and ETHFI losing between 5.5% and 9.3%.
The Oil-Crypto Pipeline
Brent crude rose 2.05% to $75.68 a barrel, and U.S. West Texas Intermediate gained 2.07% to $71.90. The Strait of Hormuz is one of the world's most critical oil chokepoints, so strikes in the area push energy prices up fast. Higher oil feeds inflation expectations, which put upward pressure on yields and drain liquidity from speculative assets. Crypto, which trades as a risk asset, is historically the first to bleed in that cycle.
The selloff hit a market that was already fragile. Yahoo Finance noted that crypto was recovering from one of its worst monthly performances in years. Ethereum sits deep in the red for 2026. Sentiment was thin before the headlines.
Corporate balance sheets are still active. Tom Lee's Bitmine bought another 40,000 ETH worth $71.6 million, following a 42,000 ETH purchase the previous week as it pushes toward 5% of total supply. Institutional infrastructure is stronger than in 2022. That hasn't changed the near-term direction.
The next move will be decided by headlines out of the Middle East and the oil market. Iran's foreign ministry called the U.S. action a clear breach of the ceasefire memorandum. Whether the retaliation escalates or cools, and whether oil keeps climbing, will determine where crypto trades next.