Iran's Islamic Revolutionary Guard Corps struck US military bases in Kuwait this weekend, sending Bitcoin briefly below the $100,000 mark. The dip triggered more than $700 million in forced liquidations across crypto derivatives exchanges, though the asset recovered above six figures within hours.
The attack and the market's knee-jerk
The IRGC launched strikes on US bases in Kuwait on Saturday, local time. Bitcoin reacted almost immediately, sliding from around $102,000 to a low just under $99,800. It was a sharp move — the kind that catches leveraged traders off guard. The drop lasted less than an hour before buying pressure returned.
Liquidations pile up
Data from major derivatives platforms showed over $700 million in liquidations during the brief sell-off. Most of the forced closures hit long positions, as traders who bet on continued upside got caught in the sudden reversal. The figure is one of the largest single-event liquidation totals this year, though not a record.
Swift recovery above $100,000
Bitcoin bounced back above $100,000 within a few hours of the initial dip. By Sunday morning, it was trading around $101,500. The recovery suggests the market viewed the strike as a one-off shock rather than the start of a prolonged conflict — at least for now. Volume spiked during the volatility, with exchanges reporting higher-than-usual activity.
What traders are watching
No official response from the US or Kuwait has been announced yet. The IRGC's move adds a fresh layer of geopolitical uncertainty to a market already sensitive to macro news. For now, the focus is on whether any further military action follows — and whether Bitcoin can hold $100,000 if tensions escalate again.
