Zcash Drops 5.2% and HYPE Briefly Tops Dogecoin as US Strikes in Iran Rattle Crypto
Updated
Updated · CoinDesk · May 26
Zcash Drops 5.2% and HYPE Briefly Tops Dogecoin as US Strikes in Iran Rattle Crypto
2 articles · Updated · CoinDesk · May 26
Zcash fell 5.2% to $619 and Monero lost 4% to $378, leading crypto declines after US Central Command confirmed strikes on Iranian missile sites and boats in the Strait of Hormuz.
Brent crude rose nearly 2% to $98 a barrel, the dollar strengthened against all G-10 peers, and traders treated the privacy-token selloff largely as profit-taking after a strong rally.
HYPE briefly moved above Dogecoin by market value during Asian hours before pulling back; it was still up 23.6% over seven days, helped by last week's SpaceX pre-IPO perpetual launch.
Bitcoin held near $76,500, ether at $2,087 and Solana at $83.97, while Tron stood out with a 2.6% gain, showing broader crypto stayed mostly rangebound despite the geopolitical shock.
The move followed a weekend escalation that had already triggered about $300 million in crypto liquidations, reinforcing how Middle East tensions are feeding into digital-asset positioning.
With Iran profiting from the Hormuz closure despite a US blockade, who is actually winning the economic war?
If Iran’s missile arsenal remains half-intact, is a larger, more devastating regional attack now inevitable?
As war disrupts global finance and the internet, can Bitcoin truly become the world's decentralized safe haven asset?
May 2026 US-Iran War: Strait of Hormuz Attacks, Economic Shockwaves, and Stalled Peace Talks
Overview
On May 7, 2026, the Strait of Hormuz became a flashpoint in the ongoing US-Iran conflict, marked by alleged Iranian attacks on US Navy destroyers and subsequent US retaliatory strikes. The political climate that day showed the conflict was still active and unresolved. President Donald Trump made it clear in a public statement that the conflict was not over, even though he claimed the US had achieved military victory. He emphasized that a formal end would only come when Iran agreed to sign an agreement, highlighting the ongoing military engagement and the lack of diplomatic resolution.