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United States President Donald Trump confirmed on Feb. 27 that “major combat operations” were underway against Iran, triggering a sharp sell-off across global markets, including cryptocurrencies.
The joint U.S.-Israeli offensive, dubbed “Operation Epic Fury,” prompted retaliatory missile launches from Tehran and sent digital asset prices into the red over the past 24 hours.
Related: Iran's supreme leader warns U.S. of 'irreparable harm'
Speaking in a video shared on Truth Social on Feb. 27, Trump said the United States had begun “major combat operations” targeting Iranian missile infrastructure and naval assets.
He warned that U.S. casualties were possible, calling the campaign a “noble mission” aimed at preventing Iran from obtaining nuclear weapons.
“I do not make this statement lightly. The Iranian regime seeks to kill,” Trump said.
He added that Iran “cannot have nuclear weapons.”
The announcement followed indirect talks in Geneva earlier in the week, during which both sides had signaled progress on a potential nuclear agreement.
On Feb. 27, Trump reiterated that Tehran was “not willing to give us what we have to have,” saying Washington could act “with speed and violence, if necessary.”
Asked about the risk of a prolonged conflict in the Middle East, Trump said,
“When there’s war, there’s a risk of anything, both good and bad.”
Israel’s Defense Minister, Israel Katz, said the country launched a “pre-emptive” strike on Tehran.
Explosions were reported in five Iranian cities, namely Isfahan, Qom, Karaj, and Kermanshah, as well as in the capital, Tehran, with images circulating online showing plumes of smoke rising from multiple locations.
In response, the Israel Defense Forces (IDF) said Iran had fired missiles toward Israel.
“Sirens were sounded in several areas across the country following the identification of missiles launched from Iran toward the State of Israel,” the IDF said in a statement.
The escalation follows weeks of mounting pressure from Washington, which had repeatedly warned Tehran against advancing its nuclear and ballistic missile programs.
Risk assets reacted swiftly. Bitcoin (BTC) fell 6.4% over the past 24 hours to trade at $63,539.29, while Ethereum (ETH) dropped 8.8% to $1,853.19. XRP (XRP) slid 9.4% to $1.29, and Solana (SOL) plunged 10.8% to $78.10.
According to CoinGlass data, 153,237 traders were liquidated in the past 24 hours, totaling $517.91 million.
Traditional markets had already shown signs of weakness. On Feb. 26, the Nasdaq 100 closed 0.30% lower, the S&P 500 slipped 0.43% and the Dow Jones Industrial Average fell 1.05%, amid hotter-than-expected producer price index data that underscored persistent inflation concerns.
