Casablanca – The 2026 Iran-US-Israel conflict has pushed cryptocurrency from the edges of finance to the center of crisis response, showing how digital assets now move with war, sanctions, and civilian survival.
When the joint US-Israeli offensive known as Operation Epic Fury began on February 28, markets reacted almost instantly. Iranian exchange outflows jumped 700% within minutes, and within 72 hours, more than $10.3 million had left major local platforms.
Around 60% of that moved into self-custody wallets as ordinary Iranians rushed to protect savings from the collapsing rial and rising uncertainty. Another 27% flowed to international exchanges, often in search of dollar liquidity.
The first market shock hit Bitcoin hard. By March 1, the token had fallen 23.8%, briefly touching about $65,000 as missile strikes spread across the Gulf. But the sell-off did not last.
As traditional markets shut over the weekend and cross-border banking routes tightened, Bitcoin quickly regained ground, climbing back above $70,000 by mid-March. By the end of the rebound, it was up roughly 8% from its post-crash lows, while gold, usually the classic war hedge, had dropped 11.6% in the same period.
The war also hit the physical crypto economy. With tensions around the Strait of Hormuz sending Brent crude from $60 to above $119 a barrel, Bitcoin’s global hashrate fell 8% in March.
The pressure came less from direct electricity costs and more from Bitcoin’s price slump, which crushed mining margins and pushed smaller Middle East operators toward insolvency. Even so, the network absorbed the disruption without broader failure.
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Stablecoins became one of the clearest battlegrounds. Investigators found that IRGC-linked networks had been moving more than $3 billion a year, largely through USDT on Tron.
The conflict has also handed Bitcoin one of its clearest real-world sovereign use cases yet. Under Iran’s Strait of Hormuz Management Plan, passed on March 30, oil tankers carrying crude through the chokepoint must now pay a transit toll in Bitcoin set at $1 per barrel, meaning a fully loaded 2 million-barrel supertanker faces a roughly $2 million crypto payment before receiving clearance and naval escort.
The policy turns Bitcoin into a direct tool of global trade settlement at one of the world’s most strategic shipping lanes, a first at this scale for any state. For Iran, cut off from SWIFT and the dollar system, Bitcoin offers something stablecoins cannot fully guarantee during wartime
By early April, despite equity market losses and regional instability, the total crypto market had stabilized near $2.5 trillion.
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