Bitcoin Falls Below $77,000 as Trump Orders Fresh Iran Strikes

On Tuesday, September 2, bitcoin dipped below $77,000 following President Trump's confirmation of fresh US airstrikes on Iranian positions close to the Strait of Hormuz.

Three days earlier, the cryptocurrency had reached $80,000 after a bull run sparked by the US Treasury. This recent slide raises the question of whether that upward momentum is fading.

Trump Announces Fresh Airstrikes, Warns of Stronger Retaliation

On Truth Social, Trump posted that “the United States is, as we speak, striking Iranian targets near the Strait of Hormuz.”

According to Trump, the strikes were large and powerful, carried out in retaliation for an unsuccessful Iranian effort to place sea mines in the strait. He claimed the mines have since been entirely cleared or detonated.

Trump also mentioned eight Iranian missiles fired at a US base in Jordan, all of which he stated were intercepted. He cautioned that any Iranian countermove would provoke an even stronger response, and noted that the current strike is not the largest, with a bigger one still in reserve.

“The United States is, as we speak, striking Iranian Targets near the Strait of Hormuz. The strikes are large and powerful, and in retaliation for the Iranians’ failed attempt at adding sea mines to the Strait, which currently has no mines (They have been completely removed or…

— The White House (@WhiteHouse) September 1, 2026

This announcement comes a day after US strikes targeted launchers on Larak Island, which prompted Iranian retaliation against bases in Jordan.

Explosions were reported by Iranian media in Qeshm, Bandar Abbas, and other areas in Hormozgan province. As these are claims from one party in an ongoing conflict, they have not been independently confirmed.

Oil Prices Rise While Bitcoin Falls as Tensions Escalate

Crude oil prices surged in response. Brent crude rose from above $91 to $94 per barrel as concerns grew over possible new disruptions in the Strait of Hormuz, a key passage for a large portion of global oil shipments.

“Brent crude oil has now surged to $94.48/bbl, up 4.1% on the day. The next $5 matters more than the last $5. At ~$95/bbl, oil is still primarily a geopolitical risk story. At $100+, it increasingly becomes an inflation, Fed and equity-valuation story,” one analyst wrote on X.

The oil price increase boosts inflation expectations and lowers the likelihood of near-term US interest rate cuts, conditions that have historically pressured risk assets such as bitcoin.

Bitcoin, which ended Monday's session around $78,500 to $78,900, dropped between 1.3% and 2% on Tuesday. The cryptocurrency still sits about 29% below its all-time peak of over $126,000 from October 2025.

Similar escalations in the US-Iran conflict, which started in late February, have consistently led to selloffs, sometimes pushing bitcoin under $77,000 and as low as $62,000.

Institutional support from spot ETFs persists, but speculative money remains highly sensitive to headlines, making $77,000 a critical level as the market awaits Iran's next move.