Bitcoin remained stable just above $67,000 on Saturday afternoon as President Donald Trump issued a 48-hour ultimatum to Iran via Truth Social, demanding the country reopen the Strait of Hormuz or face what he called 'all hell will pour out' — massive U.S. military consequences. The deadline, set on April 4, 2026, escalated tensions that have been simmering since the launch of Operation Epic Fury on February 28, a joint U.S.-Israel military campaign targeting Iranian infrastructure.
Operation Epic Fury: Over 9,000 Targets Struck
U.S. forces have hit more than 9,000 targets across Iran, including command centers, air defenses, ballistic missile sites, and naval assets. Officials claim Iran's navy has been virtually neutralized and missile production severely degraded. In response, Iran closed or disrupted the Strait of Hormuz, a chokepoint carrying approximately 20% of global oil shipments. Brent and WTI crude surged to between $100 and $110 per barrel, fueling inflation fears in global markets.
On Friday, Iranian forces reportedly shot down a U.S. F-15E Strike Eagle over southern Iran. A U.S. special operations team rescued the pilot using helicopters, but the weapons systems officer remains missing. Search and rescue operations continue in the remote and dangerous area. Supporting aircraft also came under fire: an A-10 Warthog and a Black Hawk helicopter were hit but all crew survived. Earlier Saturday, a projectile struck near the Bushehr nuclear power plant — the fourth recorded incident at the site — killing one security staff member and damaging a building. The International Atomic Energy Agency (IAEA) confirmed no radiation increase but warned that attacks on or near nuclear facilities risk damaging safety equipment and must be avoided.
Bitcoin’s Resilient Range
Since Operation Epic Fury began, bitcoin has traded in a volatile range of $65,000 to $71,000, often dipping on attack news and recovering on cease-fire signals. 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. After Trump's ultimatum, bitcoin briefly slipped below $68,000 before recovering to trade around $67,000 by early Saturday afternoon. The digital asset remains above its 2026 low near $65,834 but has yet to break higher amid persistent geopolitical uncertainty.
Pakistan Steps In as Mediator
Pakistan has taken an active mediating role, leveraging its ties with both Washington and Tehran. Pakistani Army Chief Asim Munir engaged China, Saudi Arabia, Turkey, and Egypt on peace initiatives. However, Iran has denied some reported progress, and mutual rejections have stalled talks. Senator Lindsey Graham (R-SC) backed Trump's ultimatum on Saturday, stating that 'a massive military operation awaits Iran' if the regime refuses to reopen the Strait and pursue a peace agreement.
USDC Freeze Controversy: ZachXBT Accuses Circle of Failures
In a separate but notable development, on-chain investigator ZachXBT accused Circle, the issuer of USDC stablecoin, of failing to freeze over $420 million in illegal USDC across 15 hacking and fraud cases since 2022. Instead, Circle allegedly froze 16 legitimate wallets, sparking criticism in the crypto community. The controversy highlights ongoing challenges in stablecoin compliance but has not directly impacted bitcoin’s price.
With the 48-hour deadline ticking, the world watches for Iran's next move. The missing F-15E crew member, the Bushehr incident, and the broader military campaign keep tensions elevated. Markets expect heightened volatility as the new week begins, with bitcoin's $65,000 support level serving as a critical threshold for crypto investors.