IRGC Strikes Send Bitcoin Prices Reeling Amid Ongoing US-Iran Tensions

Escalating tensions between the US and Iran have sent shockwaves through crypto markets, following missile and drone strikes by the Islamic Revolutionary Guard Corps (IRGC) against US military facilities in Kuwait and Iraq. Dubbed 'Operation Nasr 2', the operation was framed as retaliation for prior US airstrikes targeting Iranian assets.

The IRGC targeted Camp Arifjan and Ali Al-Salem Air Base in Kuwait, both critical logistics hubs for US military operations in the region. While reports indicate that some incoming projectiles were intercepted by US and Kuwaiti missile defense systems, no major US casualties were confirmed at the time of reporting.

The incident sparked a brief but significant drop in Bitcoin prices to approximately $99.5K on July 8, before rapidly recovering above $102K within hours. Analysts attribute the dip to leveraged liquidations, where traders with borrowed positions got wiped out by the sudden price action, creating a cascade of forced selling.

Iran's digital asset ecosystem was valued at over $7.8 billion as of 2025, with approximately 50% of that activity linked to entities associated with the IRGC. In Q4 2025 alone, IRGC-affiliated wallet addresses reportedly received over $3 billion in funds.