Explosions tore through central Tehran on June 8 as Israeli airstrikes targeted military installations across Iran, ending a fragile ceasefire that had held since April. Iran fired back, triggering air defense activations inside Israel and marking the most significant direct military exchange between the two nations in months.

Bitcoin, which had been trading above $63,000, quickly slid to roughly $62,900 as global risk aversion kicked in.

What happened on the ground

The strikes weren’t limited to Tehran. Explosions were also reported in Isfahan, Tabriz, and areas near Karaj, suggesting a coordinated Israeli operation aimed at multiple military sites in western and central Iran.

Both sides confirmed the exchange of…