Bitcoin (BTC) continued its decline into Saturday. Iran’s warning to impose tolls on ships passing through the Strait of Hormuz continued to weigh on global risk assets. The two-day selloff has now wiped out more than $80 billion in cryptocurrency market value.
The leading cryptocurrency traded around $77,947 after falling below $78,000. Leveraged long positions bore the brunt of approximately $620 million in liquidations over the past 24 hours.
Profit-Taking Following the CLARITY Vote Triggered the Decline
Saturday’s drop follows a sharper fall earlier in the week. The Senate Banking Committee approved the CLARITY Act on Wednesday by a 15-9 vote, briefly lifting BTC above $82,000 before traders locked in gains.
Analyst Crypto with Harris called the reversal a classic case of profit-taking. Traders had spent weeks anticipating regulatory progress, and once the committee vote actually happened, the catalyst was gone.
Optimism about a softer tariff stance at the US-China summit also faded. President Donald Trump stated that no such discussions had occurred, pulling both US equities and crypto lower together.
Exchange data now shows that long positions accounted for most of the liquidations, with over $469 million in positions wiped out in the last 24 hours.
“Bitcoin down -3800$ 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 Keeps Geopolitical Pressure Elevated
The macro backdrop remained grim on Saturday. Iran moved to formalize a fee system for vessels transiting the Strait of Hormuz, the critical chokepoint through which roughly a fifth of the world’s seaborne oil passes.
“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 media reported that ships from China, Japan, and Pakistan have already passed through the strait with Tehran’s approval. Several European operators are reportedly seeking similar clearance.
Conditions inside Iran continue to worsen. Analyst Miad Maleki noted that Iranian crude exports have dropped more than 80% since mid-March, citing Vortexa data.
He added that fuel rationing has led to hours-long lines at gas stations and a growing black market for gasoline.
Pakistan’s interior minister Mohsin Naqvi reportedly arrived in Tehran for an unannounced meeting, according to analyst Babak Vahdad.
The visit coincides with backchannel diplomatic efforts regarding the Iran-US standoff.
Bears Point to Macro Headwinds While Some Traders Look for a Bottom
Not every trader views the news as the main driver. Ivan on Tech argues that BTC has been in a weekly downtrend since October. He believes news events no longer shift the underlying market 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 betting on further downside. Participants there assign a 60% probability to BTC falling below $75,000 before the end of the month. Lower price levels are also attracting significant interest.
Analyst Mario Nawfal challenged the broader Iranian narrative. He argued that Tehran imposing fees on international waters would amount to a sovereignty claim that other governments are unlikely to accept.
BTC currently trades roughly 38% below its October peak of $126,080. Bitcoin’s recent reaction to geopolitical tensions illustrates how quickly macro shocks now flow into crypto pricing.
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