Bitcoin, Ether Unaffected as US Launches Fresh Iran Strikes and Strait of Hormuz Closes

The United States conducted its third round of airstrikes against Iran this week, while Tehran announced its decision to close the strategic Strait of Hormuz in retaliation. These escalating developments in the Middle East fueled global market anxieties, yet major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) exhibited remarkable stability, with their prices showing little significant change. Investors observed the surprising resilience of crypto assets despite mounting geopolitical risks.

According to statements from the U.S. Central Command (CENTCOM), the strikes were carried out in response to an Iranian attack on a Cyprus-flagged commercial vessel, the M/V GFS Galaxy, in the Strait of Hormuz. Conversely, the Islamic Revolutionary Guard Corps (IRGC) stated that it closed the Strait of Hormuz "until further notice" after firing a warning shot at a vessel allegedly using an "unauthorized route." This marks a significant escalation in the ongoing conflict that began in February 2026, threatening the region's fragile ceasefire.

Despite the heightened geopolitical tensions, cryptocurrency markets remained unexpectedly calm. Bitcoin maintained stability around the $63,800 to $64,000 range, experiencing only a slight daily decline of approximately 0.3% while recording a weekly gain of about 2%. Similarly, Ethereum traded with limited movement around the $1,800 level, also posting a weekly increase of approximately 2%. This muted market reaction, compared to previous periods of tension, suggests that crypto assets may be becoming less sensitive to rising global risks.

While U.S. officials assert that the Strait of Hormuz remains open to international maritime traffic, Iran's closure decision has intensified tensions in this vital passage for oil and natural gas shipments. Although previous closures of the strait triggered a global energy crisis, oil prices had significantly retreated from their wartime highs of $120 per barrel. However, oil markets, which were closed for the weekend, are anticipated to open higher on Monday. Reports also indicate that Iran targeted Gulf states and an air base in Jordan, further highlighting the extent of regional tensions.

Market analysts suggest that the resilience of cryptocurrencies against these geopolitical developments indicates a maturing digital asset class, becoming less susceptible to macroeconomic factors. Considering that Bitcoin experienced sharper declines during earlier escalations, the current calm response is interpreted by some as investors beginning to view crypto as a safe-haven asset, or that the market impact of such events is diminishing. Moving forward, the trajectory of Middle East developments and their potential effects on energy markets will be closely monitored, while the ability of cryptocurrency markets to maintain this new equilibrium remains a key point of interest.