Bitcoin held near the $67,000 level on Saturday as President Donald Trump issued a 48-hour ultimatum to Iran, demanding the country reopen the Strait of Hormuz or face what he called "all hell" from U.S. military forces.
Trump's 48-Hour Ultimatum: Open the Strait or Face 'All Hell'
On April 4, 2026, Trump posted on Truth Social setting a deadline for Iran to negotiate or clear the strait without threat. “All hell will break loose,” he wrote, echoing earlier warnings that the administration says Iran has ignored. The order came six weeks after Operation Epic Fury, the U.S.-Israel military campaign launched on Feb. 28, 2026. U.S. forces claim to have struck over 9,000 targets across Iran, including command centers, air defenses, ballistic missile sites, and naval assets. According to U.S. officials, Iran's navy has been largely neutralized and its missile production severely degraded.
Iran responded by closing or disrupting the Strait of Hormuz, a chokepoint that carries about 20% of global oil shipments. Brent and WTI crude surged to between $100 and $110 per barrel due to disruptions, fueling inflation fears across global markets.
On Friday, Iranian forces reportedly shot down a U.S. F-15E Strike Eagle over southern Iran. U.S. special operations teams rescued the pilot using helicopters, but the weapons systems officer remains missing. Search and rescue operations continue in a remote and dangerous area. Supporting aircraft also came under fire during the rescue: an A-10 Warthog was hit near the Strait of Hormuz (pilot recovered), and a Black Hawk helicopter was struck by small-arms fire but escaped without crew casualties.
Early Saturday, a projectile struck near the Bushehr nuclear power plant in Iran, the fourth recorded incident at the site. A security staff member was killed by projectile fragments, and a building suffered damage from the shockwave. The International Atomic Energy Agency confirmed the incident after Iran submitted a notification. IAEA Director General Rafael Mariano Grossi said no radiation increase was recorded but warned that attacks on or near nuclear facilities risk damaging safety equipment and should not occur.
Senator Lindsey Graham (R-SC) echoed Trump's stance on Saturday, saying “a massive military operation awaits Iran” if the regime refuses to reopen the strait and pursue peace talks. “I had a great conversation with @POTUS. I fully support his ultimatum to the Iranian regime to open the Strait of Hormuz and make a peace deal. A massive military operation awaits Iran if they choose wrong. This regime has been severely crippled through Operation Epic Fury. Their reign of terror against the region and the world must end, hopefully through a peace deal,” Graham wrote.
Pakistan has stepped into an active mediation role, leveraging its ties with both Washington and Tehran. Pakistani Army Chief Asim Munir has engaged with China, Saudi Arabia, Turkey, and Egypt regarding peace initiatives. Iran has denied some of the reported progress, with mutual denials stalling talks.
Bitcoin Volatility Amid Geopolitical Tensions
Bitcoin extended slight losses after the ultimatum, briefly dipping below $68,000 before trading around $67,000 by early Saturday afternoon. The digital asset had fallen toward its 2026 low near $65,834 after an earlier Trump speech but recovered and stayed above the $66,000 range in several recent sessions.
Since Operation Epic Fury began, bitcoin has traded in a volatile range of $65,000 to $71,000, often declining on news of attacks and recovering on signs of a ceasefire. Analysts describe the performance as relative stability, noting that institutional flows and technical support near $65,000-$66,000 have held while oil surged and equities retreated.
The 48-hour deadline, the ongoing search for the missing F-15E crew member, and the Bushehr incident are the immediate sources of tension. Without a deal forming, markets expect heightened volatility as the next week unfolds. The situation remains fluid, with all eyes on the diplomatic clock.