U.S. strikes on Iran push Bitcoin below $77K; Brent nears $99

Late Monday, May 25, reports that the U.S. Navy struck targets in Iran coincided with a sharp drop in bitcoin and a rise in oil prices. Bitcoin fell nearly $800 in a little over three hours, sliding from about $77,250 at 8 p.m. EST to $76,451 by 11:30 p.m.

The cryptocurrency briefly recovered toward $77,000 but traded around $76,600 by 4 a.m. EST. That movement reduced bitcoin’s market capitalization to roughly $1.53 trillion from about $1.55 trillion earlier in the day, erasing about $20 billion in value.

Brent crude rose from about $96 per barrel to near $99. West Texas Intermediate moved from a Monday low near $90 to about $92.50. Traders priced in higher risk after reports of naval exchanges and sea mines that affected shipping through the Strait of Hormuz.

The strikes occurred hours after an Iranian delegation left for talks with U.S. officials. The U.S. military described its actions as “self-defense.” Iranian outlets reported explosions near Bandar Abbas; there was no official Iranian government response at the time of publication.

Shipping companies reassessed routes and risk exposure after accounts of artillery exchanges and mined waters. Operators avoid routes with credible kinetic threats, and insurers often raise premiums or restrict coverage when mines or active fire are reported.

Financial markets continued to monitor the region for further military activity or official statements that could move asset prices again.