The Islamic Revolutionary Guard Corps hit the Ali Al Salem Air Base in Kuwait multiple times this month, escalating tensions in the Gulf and unsettling financial markets. Bitcoin’s price slid sharply toward the $100,000 mark as traders rushed to adjust amid the uncertainty.
Between July 13 and 24, the IRGC launched coordinated strikes involving kamikaze drones and missiles targeting ammunition stores, fuel tanks, and missile defense systems at the base housing US forces. Iran described these attacks as the "third phase" of its retaliatory campaign against US military actions, signaling a sustained conflict rather than isolated incidents. Kuwaiti officials intercepted hostile drones but reported no confirmed damage, while the US military has yet to release an independent assessment of casualties or destruction.
Market Turbulence and Crypto Fallout
The immediate reaction in crypto markets was severe. Over $700 million in liquidations occurred across risk assets as leveraged positions unwound rapidly. Bitcoin’s dip below $100,000 reflects how geopolitical strife can sharply compress risk appetite, pushing digital assets lower alongside traditional markets. This event shows the deepening link between military conflicts and crypto volatility, especially as institutional investors increase their presence in the space.
material is informational and not financial advice
