Three explosions were confirmed east of Bandar Abbas on Tuesday, according to Iran’s state news agency IRNA, as US military strikes continued to escalate against Iranian targets. Bitcoin sat at roughly $63,800, down about 0.3% on the day. Ether held near $1,800.

What happened in Bandar Abbas

The explosions mark the third round of US strikes against Iranian targets within a single week. US Central Command has characterized the operations as efforts to degrade Iran’s capacity to threaten commercial shipping, a response triggered by Iranian attacks on a Cyprus-flagged vessel.

Bandar Abbas isn’t some remote outpost. It’s Iran’s most strategically significant port city, sitting at the mouth of the Strait of…