The US military struck between 90 and 140 Iranian military installations over a five-day campaign from July 8 to 13, wounding more than 260 people according to Iran’s health ministry. It’s the highest casualty count in a conflict that has been grinding through cycles of escalation and fragile truces since February.

Bitcoin responded the way Bitcoin tends to respond when missiles start flying: it dropped. The largest cryptocurrency fell more than 2% to roughly $62K, while approximately $350 million in leveraged positions across digital assets were liquidated.

A ceasefire that barely lasted three weeks

On June 17, the US and Iran agreed to a ceasefire, the latest in a series of brief pauses in a conflict that…