Bitcoin (BTC) extended its losses into Saturday. Iran’s threat to impose duties on shipping in the Strait of Hormuz has kept pressure on global risk assets. The two-day sell-off wiped out more than $80 billion from the cryptocurrency market value.
The leading cryptocurrency traded near $77,947 after falling below $78,000. Leveraged buy trades accounted for the bulk of the $620 million in 24-hour liquidations.
TAKE PROFIT AFTER CLARITY VOTE Prepare the slide
Saturday’s move builds on a sharp decline earlier in the week. Senate Banking Committee The Clarity Act was passed On Wednesday by a vote of 15 to 9, briefly Pushing BTC above $82,000 Before profits are booked.
A Crypto analyst with Harris described the reversal as a profit-taking move. Traders spent weeks pricing in the regulatory progress, and the committee’s formal vote removed the incentive.
Hopes for softer tariffs at the US-China summit also faded. President Donald Trump said no such discussions were taking place, sending US stocks and cryptocurrencies falling in tandem.
Exchange dashboards now show that long trades account for the bulk of liquidations, with more than $469 million wiped from positions in the past 24 hours.
“Bitcoin fell by -$3,800 in 48 hours and broke below $78,000. BTC wiped out $80 billion market cap in just two days. Over $620 million worth of long positions were liquidated in the last 24 hours,” analyst Paul Theory He said newly.
Iran’s plan to collect tolls in the Strait of Hormuz maintains geopolitical pressure
The overall picture remained dark on Saturday. Iran has moved to formalize a toll system for ships using the Strait of Hormuz, virtually a choke point One-fifth of seaborne oil flows.
“Iran has prepared, within the framework of its national sovereignty… a professional mechanism to manage traffic in the Strait of Hormuz along a specific route… from which only commercial ships and parties cooperating with Iran will benefit. The necessary fees will be collected for the specialized services provided under this mechanism,” said Iranian official Ibrahim Azizi. shown Policy framework in a general statement.
State-linked Iranian media reported that ships from China, Japan and Pakistan had already crossed the strait with Tehran’s permission. Several European operators are reportedly seeking similar permission.
Internal conditions inside Iran continue to deteriorate. Analyst Mayad Al-Maliki He said Iranian crude exports have fallen by more than 80% since mid-March, citing Vortexa data.
He added that fuel rationing led to hours-long queues at gas stations and an increasing black market for gasoline.
Pakistani Interior Minister Mohsin Naqvi has reportedly arrived in Tehran for an unannounced meeting, according to analyst Babak and Wahidad.
The visit coincides with back-channel diplomacy regarding the confrontation between Iran and the United States.
Bears are signaling an overall drawdown while some traders are watching a pullback
Not every trader treats news as the primary motivator. Evan OnTech argues that BTC was in a state Weekly downtrend since October. He believes that news flow no longer drives infrastructure.
“We’ve been in a bear market since October. Bullish news doesn’t plunge a market into a bearish trend just like bad news doesn’t plunge a market into a bullish trend…until a high-volume capitulation candle appears and the trend reverses, we forget about any news that pumps us up,” the analyst said. male.
The Kalshi prediction market shows traders further decline in prices. Bettors are out there puts 60% odds of Bitcoin price falling below $75,000 before the end of the month. Lower price segments also attract great interest.
Analyst Mario Novel backed away from the broader Iranian framework. He said that Tehran’s imposition of fees on international waters would constitute a sovereignty claim that other governments were unlikely to recognize.
BTC is currently trading roughly 38% below its October high of $126,080. Bitcoin’s recent retest of geopolitical tensions shows how quickly macro shocks can now impact cryptocurrency pricing.
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