Bitcoin Slips Below $74K as US Navy Strikes on Iranian Ship
Bitcoin changed hands near $73,996 during Monday’s Asian trading session, down 2.5% over the past 24 hours. The decline tracked a weekend escalation in the Gulf, where US forces boarded an Iranian vessel Sunday.
Risk assets broadly weakened as Wednesday’s ceasefire deadline loomed, with fresh military friction eroding hopes for de-escalation.
Ship Seizure Raises War Escalation Fears
The US destroyer USS Spruance disabled the engine room of the Iranian-flagged cargo ship Touska after six hours of unheeded stop orders. Tehran’s joint military command labeled the boarding unlawful and pledged a direct response against US naval assets. Sunday’s capture was the first since Washington began enforcing its port blockade one week ago.
Crude futures jumped on the incident, as traders priced in a longer chokehold on Gulf shipping lanes. About one-fifth of the world’s seaborne oil normally transits the strait, which has been mostly idle. Iran’s Supreme National Security Council stated that traffic controls would stay in place until hostilities conclude.
A US team led by Vice President JD Vance is due in Islamabad on Monday for renewed negotiations. Special envoys Steve Witkoff and Jared Kushner will reportedly return for round two after last weekend’s marathon session. Tehran’s state broadcasters cast doubt on whether Monday’s sit-down would proceed, citing fresh grievances with Washington.
The US president also warned of strikes on Iran’s entire power grid and bridge network if terms are refused. Despite Sunday’s slide, Bitcoin remains 4.3% higher over the past seven days, keeping the weekly uptrend intact.
Traders Eye Wednesday Truce Expiry
Daily action swung between $73,886 and $76,165, with the sharpest pressure arriving early Monday in Asia. Total market value held around $1.48 trillion while turnover hovered near $62 billion during the same window.
Market focus shifts to Wednesday’s truce deadline, a pivot point that could sharpen the tone across risk assets. If diplomacy stalls, additional US operations appear likely, potentially extending the pressure on digital assets and equities.
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