Two US service members were killed and one went missing on July 17 during Iranian ballistic missile and drone strikes on a US base in Jordan, according to US Central Command. Four additional personnel were wounded in the attack, which represents the first confirmed American combat deaths since President Trump declared the ceasefire with Iran was “over” during a NATO summit on July 8.

The crypto market’s response was swift and predictable. Bitcoin dropped over 2% to roughly $62,000, while approximately $350 million in positions were liquidated across cryptocurrency markets. Ethereum, as it tends to do during geopolitical shocks, fell even harder.

The conflict timeline and why crypto moved first

The Iranian…