Bitcoin, Ethereum slide as U.S.-Iran strikes hit 13th day

Bitcoin ↗ 0.13% and Ethereum ↗ 0.88% declined on Thursday as the United States military campaign against Iran entered its 13th consecutive day, with escalating geopolitical tensions continuing to weigh on risk assets across global markets.

Bitcoin fell toward the mid-$64,000 range while Ethereum dropped below $1,900, according to market data, as investors pulled back from volatile assets amid rising oil prices and macro uncertainty. The broader crypto market saw its capitalization contract, with the Fear and Greed Index sitting at 31 — firmly in "fear" territory.centcom

Strikes Continue to Rattle Markets

U.S. Central Command confirmed it completed the 13th straight night of strikes against Iran on July 23, targeting military command centers, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities. The campaign, which began on July 11, is aimed at degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz.centcom

Oil prices have surged alongside the military escalation, with Brent crude climbing to around $93 per barrel on July 22 — a six-week high. The New York Times reported Brent rose more than 4% on Wednesday to approximately $95 per barrel, with crude prices up 30% since the war's onset. Rising energy costs have fed directly into inflation expectations, complicating the Federal Reserve's rate path and pressuring rate-sensitive assets like crypto.nytimes+1

Risk-Off Sentiment Deepens

The crypto selloff fits a pattern that has persisted throughout the U.S.-Iran conflict. When President Trump declared the Iran memorandum of understanding "over" in early July, Bitcoin fell more than 2% in a single session, triggering $450 million in leveraged liquidations. Analysts at Investing.com noted that headline risk from the Middle East now "sits on top of nearly every asset chart, not just crypto's".investing+1

Treasury yields have also climbed, with the 10-year note touching a two-month high this week, reinforcing the risk-off backdrop. Yemen's Houthi rebels have further complicated matters by threatening a naval blockade on Saudi Arabia, opening a potential new front that raises the threat to global energy supplies.reuters+1

With no ceasefire in sight — Iran received a mediator proposal for a 10-day truce but has yet to respond, according to Reuters — analysts expect the geopolitical risk premium to persist across crypto and equities alike.reuters