BTC back to $76,000 as Iran closes the Strait of Hormuz again

Bitcoin immediately dropped to $76,000 as Iran announced that the Strait of Hormuz is closed once again, one day after President Trump declared that the strategic oil passage was reopened to traffic except for Iran. 

The development, which came on a weekend when other markets are closed, has left the crypto market as the only option to take the most of the brunt from the panic, following the news that Iran’s military had resumed “strict control” over the strait due to the U.S. refusing to stop its blockade. 

Market reacts to the US-Iran conflict 

The stock market is closed, and bond traders are off the clock for the weekend, leaving the crypto industry as the only market to absorb volatility. 

Iran’s military, after Trump announced that the Strait of Hormuz was “completely open” on Friday, reversed that declaration from its Khatam al-Anbiya Central Headquarters today, Saturday. 

A spokesman told Iran’s Tasnim News Agency that the strait is now under “strict management and control by the Armed Forces.” The reason given is that the U.S is continuing its “naval blockade” and engaging in “piracy” against Iranian vessels. 

On Friday, markets celebrated the opening of the Strait, and Bitcoin surged to nearly $78,000. According to Cryptopolitan, this jump triggered a massive liquidation event, wiping out roughly $585 million in short positions. 

Now, less than 24 hours later, the euphoria is gone. Bitcoin (BTC) is currently trading near $76,304.

There is a notable pattern of global conflicts affecting the crypto market. For instance, when the war began on February 28, it was Saturday. BTC dropped from roughly $65,500 to $63,000 within hours. Approximately $300 million in leveraged positions were liquidated. 

When traditional markets reopened on Monday, Gold surged toward $5,400. Oil spiked as much as 13%. The Nikkei 225 dropped 1.35%. The US dollar index (DXY) rose to its highest level in over a month.

In October 2025, “Crypto Black Friday” occurred when President Trump revealed he would impose 100% tariffs on all Chinese imports. BTC dropped roughly 12% while ETH fell nearly 26%. Some smaller altcoins lost over 50% of their value. Meanwhile, the S&P 500 Index actually rose over 7% in the following six months.

More recently, in March, the Hyperliquid DEX saw its volumes hit $13.6 billion on a weekend as markets reacted to the Iran conflict. This was nearly seven times the previous weekend’s activity. 

What will happen to global trade?

Bitcoin’s current volatility is a result of the confusion currently gripping global energy markets. Ship-tracking data analyzed by Reuters and Kpler shows a very tense standoff happening right now at the mouth of the Persian Gulf.

Five vessels loaded with Liquefied Natural Gas (LNG) are currently approaching the Strait of Hormuz. These ships, the Al Ghashamiya, Lebrethah, Fuwairit, Rasheeda, and Disha, loaded cargo at Ras Laffan in Qatar, the world’s second-largest LNG exporter. Four are controlled by QatarEnergy, and one is chartered by India’s Petronet (NSE: PETRONET). They are destined for buyers in Pakistan and India.

However, with the Strait being closed again, these vessels are facing a serious problem. Before the war began on February 28, the Strait of Hormuz carried roughly one-fifth of the world’s LNG trade. If these five ships successfully cross today, it would be the first LNG transit since the war started. 

However, reports from Saturday suggest that a group of about 20 vessels that attempted to cross on Friday night were forced to abort or turn back. Iran has stated that until the U.S. ends its restrictions, the situation will remain “tightly controlled.”

Analyst Matt Mena noted before the reversal that the reopening of the strait was the “risk-on” signal the market wanted. Now that it is closed again, the fear of supply shocks, which can drive oil prices up and risk assets down, is back.

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