Bitcoin briefly slipped below $70,600 over the past 24 hours before stabilizing at $71,888, after geopolitical headlines triggered a broad selloff across crypto markets. Ether followed the same path, falling from a high of $2,288 to a low of $2,177, then recovering modestly to $2,192. The move came after Donald Trump said on Truth Social that the US Navy would immediately begin the process of blockading the Strait of Hormuz, while CENTCOM said enforcement would begin at 10:00 ET on Monday.
$283.35 million liquidated in 24 hours
Leverage was hit hard as prices moved lower. According to CoinGlass, 147,834 traders were liquidated across the market in the last 24 hours, with total liquidations reaching $283.35 million. Long positions accounted for $203.01 million, or 71.6% of the total, while shorts made up $80.35 million, or 28.4%. The single largest liquidation was a $4.00 million BTCUSD order on Bybit.
Shorter time-frame data showed the pressure had not fully cleared. Liquidations over the last 12 hours came to $108.90 million, followed by $31.84 million in the last four hours and $4.44 million in the last hour. The concentration in long liquidations pointed to a fast unwind of bullish leveraged positions after the headline shock.
Hormuz blockade headline shifts focus to oil and rates
Trump said the US Navy would intercept ships trying to enter or leave the Strait of Hormuz while paying transit fees to Iran. The report also said Vice President J.D. Vance had led a delegation to Islamabad for talks that ended without a deal, with Iran refusing to abandon its nuclear program. The UK later said it would not join the blockade effort.
The Strait of Hormuz handles roughly 20% of global oil shipments, making any disruption there immediately relevant for inflation expectations and risk pricing. The article cited Nouriel Roubini, who warned that if the conflict escalates and energy prices rebound, the Federal Reserve could face renewed pressure to raise rates. US equities had already closed mixed on Friday, with the S&P 500 down 0.11% and the Dow down 0.56%, even though the broader weekly performance remained positive.
Altcoins weaken and fear index drops to 12
Altcoins saw deeper losses than Bitcoin. SOL was quoted at $82.37, down 2.28%, while XRP traded at $1.33. Market sentiment also deteriorated, with the Fear and Greed Index falling to 12, a level categorized as “Extreme Fear.” That was down 4 points from the previous reading of 16.
For traders, the immediate focus remains on implementation. CENTCOM’s actions at 10:00 ET and any response from Iran were described as the key variables for short-term price action.