Bitcoin took a fresh hit this week as the US military launched retaliatory strikes against Iran. The price slid below $62,000 on June 8, trading at $61,780 after President Donald Trump ordered the action. By the time of writing, Bitcoin had slipped further to $61,400 — a 2.5% drop on the day.
The broader crypto market was already under pressure. Bitcoin had been hovering around $60,000 after separate Israeli strikes on Iran earlier in the year. Now, with a direct US-Iran confrontation unfolding, traders are bracing for more volatility.
Bitcoin slides after US strikes on Iran
The trigger was the downing of a US Army Apache helicopter near the Strait of Hormuz on June 9. Iran's deputy foreign minister, Kazem Gharibabadi, denied that Tehran deliberately shot it down, suggesting it could have been an unintended consequence of heightened tensions. But Trump, posting on Truth Social, said Iranian forces were responsible and that both pilots were safe. Hours later, US Central Command confirmed self-defense strikes against Iran at 5 p.m. ET.
Bitcoin lost 7.6% in the last seven days amid the instability. The drop extends a period of sustained pressure — the asset had struggled to hold above $62,000 even before this escalation.
Market liquidations spike
The move triggered a wave of forced selling. Long liquidations across the market hit nearly $1.4 million in just one hour on June 9, according to CoinGlass data. Over the previous 24 hours, Bitcoin alone accounted for more than $136 million in liquidations.
That’s a sharp reminder of how quickly leverage can unwind when geopolitics turns. The market had already been bearish, and this pushed it deeper into the red.
Uncertainty weighs on crypto
Crypto markets are notoriously sensitive to sudden geopolitical shocks — and the Middle East is a tinderbox right now. The Strait of Hormuz is a critical oil chokepoint, and any military action there ripples through global markets. For Bitcoin, which has sometimes been pitched as a safe haven, this test isn't going well.
With no clear stabilization in sight and the situation still unresolved, traders are left watching for the next headline. The price could swing again on any new development.
