Daily Market Update: Stock Futures and Crypto Fall After U.S. Airstrikes — What Investors Need to Know

TLDR

• Bitcoin fell below $73,000 after U.S. airstrikes on an Iranian military site near the Strait of Hormuz
• Nearly $1 billion in leveraged crypto positions were liquidated in 24 hours, 93% from long positions
• Ethereum dropped below $2,000, while Solana, XRP, and Dogecoin all fell 3–4%
• U.S. stock futures dropped, with Nasdaq 100 futures falling 0.8%
• Snowflake shares surged over 30% after-hours on strong earnings and a $6 billion AWS deal

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U.S. airstrikes on Iran triggered a sharp sell-off across crypto and stock markets on Thursday, wiping out nearly $1 billion in leveraged positions and sending futures lower.

Bitcoin Takes the Hardest Hit

Bitcoin fell to a low of $72,912 during Asian trading hours, its first drop below $73,000 in months. It was trading at $72,978, down 3.4% in 24 hours and 6.3% over the past seven days.

Ethereum dropped 4.2% to $1,976, falling below the $2,000 mark. Solana fell 3.5%, XRP slid 3.6%, and Dogecoin dropped 3.2%.

Hyperliquid was the only major crypto to hold a weekly gain. It was down 4.5% on the day but still up 2.4% over seven days. Tron also held a small weekly gain despite the broader decline.

The sell-off triggered a wave of liquidations. CoinGlass data shows $958.8 million in total liquidations across 167,706 traders in 24 hours. Long positions made up $897 million of that total, with shorts accounting for just $61 million.

Bitcoin liquidations led at $386 million. Ethereum followed at $246 million. The largest single liquidation was a $15.34 million Bitcoin position on Hyperliquid.

The 93% long-skew shows traders were positioned for a recovery when the market moved sharply the other way.

What Triggered the Drop

U.S. Central Command carried out airstrikes on an Iranian military site near the Strait of Hormuz. The U.S. also shot down four Iranian attack drones fired at a commercial ship, describing the action as defensive.

BREAKING: Iran’s IRGC releases a statement saying that it has retaliated to the US strike on an Iranian military position in the Strait of Hormuz by attacking a US airbase in Kuwait.

In their statement, the IRGC says “aggression will not go unanswered.”

Oil prices are up nearly…

— The Kobeissi Letter (@KobeissiLetter) May 28, 2026

The U.S. Treasury imposed new sanctions on Iran’s Persian Gulf Strait Authority, accusing it of extorting ships passing through the strait. Iran reportedly targeted the American airbase the strikes came from.

Kuwait said it responded to missile and drone threats, with its military confirming explosions from air defense systems.

President Trump said no single nation would control the waterway. “The strait’s going to be open to everybody,” he told a cabinet meeting.

Stock futures fell across the board. Dow futures dropped 0.2%, S&P 500 futures fell 0.4%, and Nasdaq 100 futures were down 0.8%. Oil prices climbed as the strikes raised concerns about shipping through the strait.

The MSCI All Country World Index pulled back 0.4% from a record high, and Asian shares fell 1.7%.

Tech Earnings Offer Some Relief

Not all the news was negative. After the closing bell, Snowflake reported strong earnings and announced a $6 billion deal with Amazon Web Services. Its stock jumped more than 30% after hours.

Salesforce beat Wall Street expectations, but a cautious forecast raised concerns about AI’s impact on software spending. Marvell and HP also reported earnings.

On Thursday, markets will watch the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures index, for signs of rising price pressure.