Bitcoin Drops Below $78,000 as Iran Makes Latest Threat on Hormuz

Bitcoin (BTC) extended losses into Saturday. Iran’s threat to charge tolls on Strait of Hormuz shipping kept pressure on global risk assets. The two-day selloff has now erased over $80 billion in crypto market value.

The pioneer crypto traded near $77,947 after dropping below $78,000. Leveraged longs absorbed the bulk of a reported $620 million in 24-hour liquidations.

Profit-Taking After CLARITY Vote Set Up the Slide

Saturday’s move builds on a sharper drop earlier in the week. The Senate Banking Committee passed the CLARITY Act on Wednesday by a 15-9 vote, briefly pushing BTC above $82,000 before profits got booked.

Analyst Crypto with Harris described the reversal as a textbook profit-taking move. Traders had spent weeks pricing in regulatory progress, and the formal committee vote removed the catalyst.

Hopes for a softer tariff posture at the US-China summit also faded. President Donald Trump said no such discussions had taken place, dragging US equities and crypto lower in tandem.

Exchange dashboards now show longs accounting for the bulk of liquidations, with over $469 million positions wiped out over the last 24 hours.

“Bitcoin down -3800$ in 48 hours and broke below $78000. BTC wiped out $80 BILLION marketcap in just 2 days. Over $620M in longs liquidated in last 24 hours,” analyst Bull Theory said recently.

Iran’s Hormuz Toll Plan Sustains Geopolitical Pressure

The macro picture stayed dark on Saturday. Iran moved to formalize a fee system for vessels using the Strait of Hormuz, the chokepoint where roughly a fifth of seaborne oil flows.

“Iran, within the framework of its national sovereignty… has prepared a professional mechanism to manage traffic in the Strait of Hormuz along a designated route… only commercial vessels and parties cooperating with Iran will benefit from it. The necessary fees will be collected for the specialized services provided under this mechanism,” Iranian official Ebrahim Azizi outlined the policy framework in a public statement.

Iranian state-linked outlets reported that vessels from China, Japan, and Pakistan have already transited the strait with Tehran’s clearance. Several European operators are reportedly seeking similar permission.

Domestic conditions inside Iran continue to deteriorate. Analyst Miad Maleki said Iranian crude exports have fallen more than 80% since mid-March, citing Vortexa data.

He added that fuel rationing has triggered hours-long queues at filling stations and a growing gasoline black market.

Pakistan’s interior minister Mohsin Naqvi reportedly arrived in Tehran for an unannounced meeting, according to analyst Babak Vahdad.

The visit coincides with backchannel diplomacy on the Iran-US standoff.

Bears Cite Macro Drag While Some Traders Eye Dip

Not every trader treats the news as the primary catalyst. Ivan on Tech argues that BTC has been in a weekly bear trend since October. He believes news flow no longer moves the underlying structure.

“We are in bear market since October. Bullish news don’t pump the market in the bear just like bad news don’t dump the market in a bull… Until a high volume capitulation candle takes place AND trend reverses forget any news pumping us,” the analyst stated.

Prediction market Kalshi shows traders pricing in further downside. Bettors there put 60% odds on BTC dropping below $75,000 before month-end. Lower price brackets are also drawing significant interest.

Analyst Mario Nawfal pushed back on the broader Iranian framing. He said Tehran charging fees on international waters would constitute a sovereignty claim that other governments are unlikely to recognize.

BTC currently trades roughly 38% below its $126,080 October high. Bitcoin’s recent retest of geopolitical tensions shows how quickly macro shocks now feed into crypto pricing.