Iran’s Supreme National Security Council (SNSC) said late Thursday it will keep launching missile strikes against US targets, a vow that sent Bitcoin down 2% to $62,000 and triggered roughly $350 million in crypto liquidations as investors fled risk. The escalation in the Gulf adds a fresh geopolitical flashpoint to markets already on edge.
The SNSC’s pledge
In a statement carried by state media, the SNSC said the strikes are a direct response to what it called “continued US aggression” in the region. No specific targets were named, but the council insisted the campaign would proceed “until the threat is neutralized.” The US has not yet issued a formal military response, though defense officials said they are “reviewing options.”
Bitcoin’s drop and the liquidation cascade
Bitcoin slid from around $63,300 to $62,000 within hours of the SNSC announcement, according to exchange data. The move triggered a wave of margin calls and stop-loss orders, pushing total crypto liquidations past $350 million — the highest single-day flush this month. Ether, Solana, and smaller altcoins also took hits, though Bitcoin’s decline was the most closely watched.
The timing isn’t great. Crypto markets had been drifting lower all week on rate-hike jitters, and this geopolitical shock accelerated the sell-off. Some traders pointed to thin weekend liquidity as a factor in the size of the liquidation cascade.
What happens next
The immediate question is whether the US will retaliate militarily or pursue a diplomatic channel. The White House has scheduled a closed-door briefing with congressional leaders for Friday afternoon. For crypto holders, the next 48 hours could be choppy — especially if Iran follows through with another strike or if the US responds with force.
