Bitcoin Falls to $76,000 After Iran Closes Strait

Bitcoin fell to roughly $76,000 after Iran’s Khatam al-Anbiya Central Headquarters announced it had resumed “strict management and control by the Armed Forces” of the Strait of Hormuz. The declaration came a day after President Trump said the waterway was “completely open.” The market move took place over a weekend when stock and bond trading was closed.

The Iranian statement cited an ongoing U.S. naval blockade and incidents the military described as “piracy” against Iranian vessels as the reason for renewed control. The announcement reversed the prior declaration that the passage had been reopened to most traffic.

Cryptocurrency platforms recorded sharp price moves and elevated trading as investors reacted. Bitcoin had climbed near $78,000 on Friday; the reversal pushed the price down to about $76,304. Market data show roughly $585 million in short positions were liquidated during Friday’s rally, and further volatility followed the Saturday announcement.

Crypto markets often absorb volatility when traditional markets are offline. When the conflict began on Feb. 28, bitcoin dropped from about $65,500 to $63,000 within hours and roughly $300 million in leveraged positions were liquidated over that weekend.

Ship-tracking information indicates five liquefied natural gas carriers loaded at Ras Laffan in Qatar are approaching the Strait of Hormuz. Four of the vessels are controlled by QatarEnergy and one is chartered by India’s Petronet; their cargos are bound for buyers in Pakistan and India. If they transit, they would be the first LNG shipments through the strait since the conflict began. Reports from Saturday said a group of about 20 vessels that attempted to cross on Friday night were forced to abort or turn back.

Before the conflict, the Strait of Hormuz accounted for about one-fifth of global LNG trade. Iran’s announcement said the strait would remain tightly controlled until, in its view, U.S. restrictions end.

Analyst Matt Mena had described Friday’s reopening as a “risk-on” signal for markets. The renewed control removed that signal and coincided with increased trading and liquidation activity on crypto venues.

The near-term effect on shipping, energy prices and broader markets will depend on whether commercial vessels are allowed to transit in the coming days and whether diplomatic or military tensions escalate. With major equity and bond markets closed over the weekend, cryptocurrency exchanges served as the primary venue for price discovery while the situation unfolded.