Cryptocurrency Market Declines Amid Escalation of Conflict Between the US and Iran

Most major crypto assets have experienced a downturn due to the renewed exchange of strikes between the US and Iran, which began on August 30, 2026. The US attacked IRGC launch sites on Larak Island, after which Iran struck military bases in Jordan. On September 1, CENTCOM reported new attacks on IRGC facilities in Iran, to which Iran responded with missile strikes on targets in Jordan and Bahrain. Iranian media reported civilian casualties. Amid the conflict, oil prices surged sharply, with Brent futures reaching $96.7 and WTI at $91.3. The S&P 500 index fell by more than 1% over the past five days. The yield on 10-year US Treasury bonds reached 4.8%, the highest since October 2023. The forecast for an interest rate hike in September rose to 68%. Crypto trader Crypto Rover noted that the cryptocurrency market capitalization shrank by $85 billion due to the escalation of the conflict. Analyst Nebraskangooner believes that Bitcoin may already be reaching a local bottom if it stays above $73,500, with potential targets of $87,000 and $97,000. Trader Jelle suggests a possible further downward impulse before recovery.

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