Iran’s Islamic Revolutionary Guard Corps claimed responsibility for striking Ali Al Salem Air Base in Kuwait, a facility housing US military personnel and equipment. The attack, which Iran described as part of the “third phase” of its retaliation against US aggression, has rattled global risk markets and pushed Bitcoin’s price dangerously close to the $100K level.

Liquidations across risk assets exceeded $700 million as traders scrambled to adjust positions in response to the volatility.

What happened on the ground

The IRGC launched a series of strikes on the Ali Al Salem Air Base on July 13, 20, and 24, 2026, using a combination of kamikaze drones and missiles. The targets reportedly included ammunition depots, fuel tanks, Patriot missile defense systems, and personnel hangars.

Iran framed the operation as a calculated, phased response to US military actions in the region. The choice of the word “phase” is doing a lot of heavy lifting here, suggesting Tehran views this not as a one-off event but as part of a longer campaign with more chapters to come.

Kuwaiti authorities acknowledged intercepting hostile drones but have not confirmed any specific damage assessments. The US military has similarly not provided independent verification of the damage or any casualties resulting from the strikes.

How crypto markets are reacting

Bitcoin’s price dipped toward or briefly below $100K as news of the attacks circulated. The $700 million in liquidations tied to the volatility reflects a market that was heavily leveraged going into the news, with long positions getting wiped out as sentiment shifted.

No specific tokens have been directly linked to the events. This is macro risk, the kind that compresses all correlations toward one.

The bigger picture for investors

Iran’s aggressive posture represents a meaningful escalation in Gulf tensions, and the fact that strikes have occurred on multiple dates suggests this is not a situation that’s cooling off anytime soon.

The interplay between military conflict and digital asset prices highlights a maturing dynamic. With institutional capital deeply embedded in the space and Bitcoin ETFs holding billions in assets, the transmission mechanism from geopolitical shock to crypto price action is faster and more direct than ever.

Without independent confirmation of damage or casualties from either US or Kuwaiti sources, the market is essentially trading on Iranian state claims, which means it’s trading on incomplete and potentially unreliable data.