TLDR
- Bitcoin dropped to $76,762 as U.S. forces launched strikes against Iranian targets
- Ethereum fell below $2,400, with $115 million in long positions liquidated in one hour
- Brent crude neared $93 per barrel amid Strait of Hormuz supply concerns
- The S&P 500 hit its lowest level since August 4, while U.S. Treasury yields rose
- Strategy bought 4,603 BTC for $368.7 million, its first purchase in two months
Bitcoin fell sharply on Tuesday as U.S. military forces launched strikes against Islamic Revolutionary Guard Corps (IRGC) targets in Iran. The price dropped to $76,762, falling below both the $78,000 and $77,000 levels within hours.
U.S. Central Command confirmed operations began at 12 p.m. ET on Tuesday. The strikes targeted IRGC positions and were linked to minelaying activity near the Strait of Hormuz.
Iranian state media reported explosions on Qeshm Island, in Bandar Abbas, and in Chabahar. The IRGC said the U.S. “will regret its new attacks,” according to Iran’s Fars news agency.
BREAKING: President Trump says the US is striking Iranian targets near the Strait of Hormuz and warns Iran not to retaliate.
Brent crude oil prices are nearing $95/barrel. pic.twitter.com/pKvkKeFLUR
— The Kobeissi Letter (@KobeissiLetter) September 1, 2026
President Trump described the strikes as “large and powerful.” He warned Iran would face a “much harder and higher level” of attack if it retaliated.
Iran struck back, hitting Camp Titin, a U.S. Marine base in Jordan, with ballistic missiles. Jordanian state media said eight missiles were intercepted and destroyed.
Crypto Markets Feel the Pressure
As selling pressure built, crypto analyst Nebraskangooner posted his take on X. He said Bitcoin’s August candle close makes a bottom “more likely in than not,” but flagged $73,500 as the key level to hold. He called it the invalidation line for the bull thesis, adding that if support holds, he sees potential targets of $87,000 and $97,000.
Looks like bottom is more likely in than not after August candle close.
Needs to hold $73.5k support otherwise bottom is NOT in.
So that is the invalidation line for bull thesis.
Potential for $87k and $97k if bottom support holds true. NFA just sharing my views. pic.twitter.com/ph1CAKzJLI
— Nebraskangooner (@Nebraskangooner) September 1, 2026
Ethereum dropped below $2,400 during the same period. Around $115 million in crypto long positions were liquidated within just one hour, according to Coinglass.
The sell-off wasn’t limited to crypto. The S&P 500 fell to its lowest point since August 4, and U.S. Treasury yields rose as bond markets sold off on inflation and fiscal debt concerns.
Expectations of a Federal Reserve rate hike in September increased after Fed Chair Kevin Warsh gave a hawkish speech at the Jackson Hole symposium on Friday.
Oil Prices Jump on Strait of Hormuz Fears
Brent crude neared $93 per barrel as traders watched shipping conditions near the strait. U.S. oil prices moved toward $90 per barrel.
Reports also surfaced that two tankers were hit while leaving the Strait of Hormuz, adding to supply concerns. Iranian officials warned that Gulf oil exports could face disruption if pressure continues.
The tension comes just a day after Bitcoin posted its best monthly performance since November 2024, rising nearly 25% in August.
Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil
— Michael Saylor (@saylor) August 31, 2026
Strategy disclosed it purchased 4,603 Bitcoin for approximately $368.7 million last week — its first buy since late June. The purchase was funded through $602.8 million in common stock sales, bringing Strategy’s total holdings to 845,050 BTC.
