Crypto Markets Prove Resilient as Iran Closes Strait of Hormuz Again

Crypto markets held firm on Sunday, with Bitcoin (BTC) near $64,000, as digital assets absorbed fresh US strikes on Iran and the closure of the Strait of Hormuz once more.

The muted move breaks from earlier in the war. Bitcoin fell about 2% and slid toward $61,000 after June’s escalation, a far steeper reaction than today’s 0.33% dip.

US Launches Third Round of Strikes on Iran

Iran declared the Strait of Hormuz closed and fired on a commercial vessel. The move defied a US demand to guarantee passage through the waterway.

In response, US Central Command (CENTCOM) launched a third round of strikes. Forces hit roughly 140 targets.

Those targets included missile and drone sites, naval assets, and coastal surveillance posts. 

“During three nights of strikes this week, CENTCOM has struck more than 300 targets… to degrade Iran’s ability to attack civilian mariners and commercial vessels freely transiting the strait,” CENTCOM said.

The conflict widened across the Gulf. Iran claimed attacks on Bahrain, Kuwait, Jordan, Qatar, the UAE, and Oman. 

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Crypto Shrugs Off the Escalation

Despite the escalation, major tokens barely moved. Bitcoin posted a 0.33% daily loss. Ethereum (ETH) traded around $1,801, up 2.18% over the past 7 days. XRP (XRP) and Solana (SOL) each fell less than 2% on the day.

Oil markets, shut for the weekend, could open higher on Monday. Brent held near $76 a barrel on Friday. Another prolonged closure could rattle energy markets and lift prices as traders price in tighter supply.

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