The deadly strike by the United States on Iran appears to be the key factor behind today's crypto market decline, as over $252 million worth of crypto positions were liquidated.
The broader crypto market recovery appears to be faltering, with the market declining by over 1.15% in the past 24 hours. This comes following the United States' strike on Iran, which triggered a massive sell-off across financial markets.
CoinMarketCap shows that the top crypto assets, Bitcoin (BTC) and Ethereum (ETH), declined by over 1.60% and 1.15%, respectively. Meanwhile, the Asian market recorded a heavy bloodbath, with over $950 billion wiped out following the U.S.-Iran strikes.
You might be wondering why the U.S. suddenly struck Iran. The thing is, on July 10, 2026, Bloomberg reported that U.S. President Donald Trump had ended the ceasefire between the two countries, stating that the ceasefire was over but that the U.S. would continue talks with Iran.
Meanwhile, on July 11, 2026, ANI shared a report on X, noting that the U.S. President has stated that he has locked over 1,000 missiles on Iran and will destroy the country if they try to assassinate him or make any mistakes in the Straight of Hormoz. In a post on X, the President noted,
“1000 Missiles are Locked and Loaded and aimed at the Islamic Republic of Iran, with thousands of more to immediately follow, should the Iranian Government act on its threat, pronounced in many corners of the Globe, to assassinate, or attempt to assassinate, the sitting President of the United States of America, in this case, ME! Orders have already been given, and the U.S. Military is ready, willing, and able, for a one year period of time, subject to extension, to completely decimate and destroy all areas of Iran.”
But on July 12, 2026, Iran fired a missile at a commercial vessel in the Strait of Hormuz, hitting and damaging the vessel and defying the U.S. ultimatum, according to U.S. officials, as disclosed by The Kobeissi Letter. The report on X further revealed that the attack came just hours after President Trump demanded that Iran publicly guarantee safe passage through the Strait of Hormuz.
Following these developments, the U.S. heavily struck Iran with 6,000 missiles and destroyed Iran’s oil storage facilities and airbases, as shared by a well-followed expert “распад и неуважение” on X.
The expert further noted,
“US targeted 150+ targets of IRGC across Iran, 9 missile launchers, 4 Air Defence Systems, Command & Control Center, 3 Radars, 70 speed boats, 4 missile storage facilities destroyed”
Meanwhile, another independent journalist, Jim Ferguson, noted that Iran’s military infrastructure had been devastated in recent strikes.
The impact of this deadly strike triggered a bloodbath in the Asian market as over $950 billion was wiped out from the Asian market, as shared by Global News Research, Bull Theory. South Korea's KOSPI was the one that hit the hardest, as it declined over 9.20%, wiping out 561 trillion WON ($377 billion).
Followed by Japan's NIKKEI, China's SSE, and Taiwan's TAIEX, which declined 2.7%, 2.3%, and 3.1%, respectively, during the same period, wiping out $236 billion, $210 billion, and $127 billion during the same period.
This fall and market crash were not only limited to the Asian market, as the crypto market also recorded heavy liquidation following this deadly strike. Derivative platform Coinglass disclosed that over the past 24 hours, the crypto market recorded a massive liquidation of over $252.60 million, with nearly 67,476 traders liquidated.
The platform also disclosed that, out of this massive liquidation, $193.74 million came from long-leveraged positions, while $58.84 million worth of short-leveraged positions was liquidated.
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