Iran's Islamic Revolutionary Guard Corps fired 12 ballistic missiles at a US airbase in Jordan on Thursday, triggering an $80 billion selloff in the cryptocurrency market. The attack, which landed near the facility, marks a sharp escalation in regional tensions and sent traders scrambling for cover. By midday, total crypto market capitalization had dropped by roughly 8% as investors rushed to safe havens.
The strike and the reaction
The missiles hit close to a US installation in Jordan, a key American ally in the Middle East. No casualties have been reported, but the close call raised fears of a broader conflict. The IRGC claimed responsibility, calling it retaliation for recent operations against Iranian assets. Within minutes of the news, major exchanges saw a wave of sell orders — Bitcoin shed nearly 6% and altcoins followed. The $80 billion wipeout erased gains that had built up over the previous week.
Why crypto took the hit
Cryptocurrency markets are notoriously sensitive to geopolitical shocks. Unlike gold or Treasuries, which tend to hold value during crises, digital assets often get dumped first when panic hits. Traders liquidated positions across the board, with decentralized exchanges reporting a spike in activity. The selloff was broad, hitting everything from blue-chip tokens to smaller projects. The timing isn't great — the market was already jittery from a regulatory spat in the US and an ongoing exchange outage in South Korea earlier this month.
What comes next
The immediate question is whether the US will retaliate. The White House has not issued a formal statement yet, but officials are reportedly convening an emergency meeting. For crypto traders, that means more volatility ahead. Bitcoin briefly touched a three-week low before rebounding slightly. Trading volumes remain elevated, suggesting many investors are still positioning for the worst. The selloff wiped out roughly two months of gains for the broader market. For now, all eyes are on Washington — and whether the Islamic Republic pushes further.
