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Iran’s Islamic Revolutionary Guard Corps has fired missiles and drones at US military installations in Bahrain and Kuwait, claiming strikes on more than 18 sites in what it calls the latest waves of “Operation Nasr 2.” The IRGC says it plans to continue the attacks, framing them as retaliation for prior US strikes on Iranian assets.
Bitcoin responded the way Bitcoin always responds to geopolitical chaos: by moving violently in both directions. The price swung between roughly $99.5K and $102K as traders tried to figure out whether this was a buying opportunity or the opening act of something much worse.
What happened on the ground
The IRGC described the coordinated strikes as the 18th and 19th waves of Operation Nasr 2, a campaign that has escalated steadily in recent weeks. Among the targets were Sheikh Isa Air Base in Bahrain and Ali Al Salem Air Base in Kuwait, both critical hubs for US military logistics and operations in the Persian Gulf region.
The attacks specifically aimed at air defense systems and military logistics infrastructure, according to IRGC statements. Air defenses in both Kuwait and Bahrain activated in response to the incoming missiles and drones.
The IRGC’s explicit promise to continue operations signals an ongoing campaign rather than a single retaliatory gesture. Internal reports also highlighted IRGC claims about involvement in attacks linked to Jordan, suggesting the geographic scope of these operations could widen further.
Crypto markets feel the blast radius
Bitcoin’s price action near the psychologically important $100K level told the story of a market caught between two instincts. The initial reaction was a sharp selloff as traders de-risked, pushing BTC toward $99.5K. Then came the counter-move, a bounce back above $102K, as some investors treated the dip as an entry point and others rotated into Bitcoin as a potential safe haven.
Altcoins fared worse, as they typically do during geopolitical shocks. When uncertainty spikes, capital tends to consolidate into Bitcoin and stablecoins while smaller tokens get sold. Broader equity markets also declined, reinforcing the risk-off mood across asset classes.
No specific crypto tokens or projects have any direct connection to the military situation. The volatility is purely a function of macro sentiment.
The bigger picture for the Gulf and global markets
The Persian Gulf region is the world’s most important energy chokepoint. Roughly one-fifth of global oil supply passes through the Strait of Hormuz, and any sustained military escalation in the region has historically sent energy prices higher and risk assets lower.
Iran’s framing of these attacks as part of an ongoing operation, rather than a completed retaliation, is what distinguishes this moment from previous flare-ups. Past incidents, like the January 2020 Iranian missile strikes on Al Asad Air Base in Iraq following the killing of General Qasem Soleimani, were followed by de-escalation signals from both sides. This time, the IRGC’s language points in the opposite direction.
What this means for investors
Traders should watch oil prices as a leading indicator. Sustained moves above recent ranges in crude would signal that markets believe the conflict is deepening, which would likely drag on crypto alongside equities.
The risk that deserves the most attention isn’t the strikes themselves but the stated intention to continue them. A sustained campaign of attacks on US military infrastructure in the Gulf would force a repricing of risk premiums across every asset class, crypto included.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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