- On the morning of the first day of trading in the new Gulf War, the crypto industry was seen in a state of shock. The air strikes on Iran and its rocket fire on targets across the Gulf region have now led to a global chain reaction in the crypto markets.
- All the optimism felt over the weekend has disappeared and the crypto industry experienced a massive sell-off that primarily pulverized leveraged positions on the futures market and wiped out billions of dollars in market capitalization.
In theory, Bitcoin is often praised as digital gold and a safe haven. Reality paints a different picture. When news of the closure of the Strait of Hormuz hit the tickers, the market reacted in typical risk asset fashion. Bitcoin lost massive ground and temporarily slipped below $67,000, while gold prices climbed to record highs.
This gap between expectations and reality makes it clear that in moments of acute uncertainty, institutional investors continue to treat crypto assets as speculative assets and shift capital into traditionally safe investments – and the safest investment in a few thousand years is gold.
It was only in the afternoon that the first bargain hunters began to tentatively stabilize the crypto market.
Energy costs and crypto mining
A decisive factor for the current market weakness is the explosion in energy prices. With 20% of global oil demand blocked in the Strait of Hormuz, global energy prices skyrocketed.
For the mining industry, which relies on cheap electricity, this can become an existential threat, with exceptions in Iceland and Norway.
Many miners are already no longer profitable, which could lead to a consolidation of the hashrate. If prices remain at current levels for a longer period of time, many miners will have to sell existing inventories to cover ongoing expenses.
DACH: More headwind due to new regulations
Parallel to the war, the situation for investors in Germany, Austria and Switzerland is getting worse due to new framework conditions.
Since the beginning of 2026, EU transparency guidelines have been in effect, which provide for automatic reporting of transactions to financial authorities.
The current market panic therefore meets an environment in which tax documentation must be complete. In Switzerland, the first major banks are also reacting to the uncertain situation and divesting investments in crypto service providers, which is further increasing skepticism.
But despite the price losses, the conflict also shows the strength of decentralized networks: In crisis areas, cryptocurrencies are increasingly being used as an alternative means of payment where banking systems are collapsing.
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