The U.S.-Iran war is again escalating as the U.S. carried out airstrikes against Iran tonight after the latter declared the Strait of Hormuz closed again. Bitcoin has fallen below the psychological $64,000 level as Iran has vowed to retaliate against these latest strikes.
U.S.-Iran War Escalates With Fresh Wave Of Strikes
In an X post, the U.S. Central Command (CENTCOM) announced that its forces launched the third round of strikes this week against Iran today, on President Trump’s orders. CENTCOM noted that the latest strikes followed Iran’s attack on a commercial ship that was transiting the Strait of Hormuz.
“A civilian crew member is missing, and the vessel is unable to continue the journey due to an onboard fire and significant engine room damage,” the post read. CENNTCOM also said that Iran has failed to demonstrate adherence to the Memorandum of Understanding in the U.S.-Iran war, after its earlier attacks on commercial oil tankers transiting the Hormuz Strait.
“In response, the United States is imposing a heavy cost by continuing to degrade Iran’s ability to attack civilian mariners and commercial ships freely transiting the strait,” CENTCOM added. It is worth noting that the latest U.S. strikes follow Iran’s Revolutionary Guards Navy’s statement that it had closed the Strait of Hormuz until further notice.
The IRGC also confirmed that it fired a warning shot at a vessel that was attempting to transit along an unapproved route in the Strait of Hormuz. As CoinGape reported earlier, the U.S.-Iran war had shown signs of escalation after Iran rejected further talks with the U.S. until the U.S. reverses its position on Iran’s control of the Strait.
Bitcoin Falls Below $64,000
Bitcoin fell below the psychological $64,000 level amid the U.S. strikes on Iran. The leading crypto is currently trading at around $63,700, down from a daily high above $64,000, according to TradingView data.
The BTC price climbed above $64,000 last week after President Trump said Iran had requested to resume talks, which the U.S. agreed to, even though the ceasefire was over. However, Bitcoin and the broader crypto market are now at risk again as the U.S.-Iran war threatens to further escalate.
This week is also set to be a huge week for the crypto market with the CPI and PPI releases on July 14 and 15, respectively. At the same time, Federal Reserve Chairman Kevin Warsh is set to testify before Congress on July 14 and July 15 and could provide hints about the direction for monetary policy ahead of the July FOMC meeting.
