US Strikes Ahvaz, Crypto Markets Reel from Iran Escalation

The US military launched strikes against multiple locations in and around Ahvaz, Iran's Khuzestan province, on July 10-12, targeting approximately 140 Iranian military sites. The operation is part of a broader multi-wave effort aimed at disrupting Iran's air defense systems, missile launch sites, and naval assets.

Ahvaz has been identified as a hub for large-scale crypto mining operations in Iran, including illicit activity flagged by authorities in 2025. Iran uses crypto mining to convert subsidized electricity and sanctioned oil revenues into liquid value.

Crypto markets reacted quickly to the news, with Bitcoin dropping around 2% to trade between $62,000 and $63,800. Ether fell to around $1,800, and XRP followed suit.

The strikes mark the largest single escalation in the ongoing US-Iran conflict, which began in February 2026. Iranian officials from Khuzestan province acknowledged the damage.