Gulf Tensions Hit Crypto as Kuwait Intercepts Iranian Missiles

Kuwait's military intercepted four cruise missiles and 21 hostile drones on July 8, 2026, in what was described as a significant escalation in the Gulf region. The barrage, attributed to Iran's Islamic Revolutionary Guard Corps, was reportedly aimed at US military installations across roughly 85 sites in both Kuwait and Bahrain.

Kuwait reported no casualties, but some vital facilities sustained damage. The operation was framed as a response to previous US airstrikes against Iranian territories.

Bitcoin's price dipped below $100K immediately after the news broke, falling to $99,500 before partially recovering. This move is consistent with risk-off behavior in times of geopolitical tension, where traders tend to reduce exposure to volatile assets and rotate towards cash or gold.