Overview
- Following Saturday’s failed U.S.–Iran talks in Pakistan, President Trump on Sunday ordered a naval blockade of the Strait of Hormuz that sent oil near $104 and dropped bitcoin to about $70,600.
- By Monday U.S. morning trading, bitcoin bounced to roughly $72,000 as the blockade took effect and reports said Iran may consider giving up enriched uranium to end the war.
- Traders cut risk across crypto, with more than $240 million in liquidations, a slide in outstanding bitcoin futures bets to about $51 billion, and broad altcoin declines.
- Institutional demand provided a cushion, with Strategy disclosing a 13,927 BTC purchase worth about $1 billion and spot bitcoin ETFs taking in sizable net inflows late last week.
- Analysts highlight $70,000 as the line to hold and say direction now depends on the conflict’s next moves, energy costs that shape inflation and Fed policy, and late‑April catalysts, even as small tokens like RAVE post outsized swings.