President Trump received military briefings on airstrike options against Iran between May 19 and May 22, with negotiations over Tehran’s nuclear program and the reopening of the Strait of Hormuz at a dead end. For crypto markets, the timing matters: Bitcoin has been trading between roughly $65,000 and $80,000 during this stretch of heightened tension.

The Strait of Hormuz carries approximately 20% of global oil flow. A military escalation that disrupts that chokepoint wouldn’t just rattle energy markets. It would send shockwaves through every risk asset on the planet, crypto included.

What’s happening and why it stalled

The current standoff traces back to US-Israeli strikes on Iranian military targets that…