Bitcoin (BTC) has this morning bounced again to over $71,000 after it misplaced $60 billion in whole market capitalization over the weekend following US President Donald Trump’s risk to “obliterate” Iran’s energy crops if the nation’s navy refused to reopen the Strait of Hormuz.
Within the quarter-hour following Trump’s risk on Saturday, BTC dropped from $70,100 to $68,200, a $37 billion wipeout for the world’s largest digital asset. Over $240 million in leveraged crypto trades have been liquidated throughout the hour.
By Sunday night, whole liquidations crossed $1 billion, with lengthy positions accounting for 85% of the injury.
BTC did not bounce, remaining close to $68,200. Complete crypto market cap sustained its losses.
Complete crypto market capitalization. Crosshairs spotlight 7:44pm Reality Social put up. Supply: TradingView
Trump says warfare ending ‘very soon,’ then obliterates crypto markets
Lower than 24 hours earlier than threatening to explode energy crops, Trump had mentioned the US was “considering winding down” the warfare.
Then, at 7:44pm New York time, Trump revealed his bearish put up. Crypto merchants who had positioned themselves with leveraged lengthy positions suffered liquidations inside minutes.
🚨President Trump at 7:44 pm ET tonight:
“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”
— Drop Website (@DropSiteNews) March 22, 2026
Coinglass’ Crypto Worry and Greed Index fell to 9 out of 100, deep into “Extreme Fear” territory.
Crypto, one of many solely massive and comparatively liquid markets open in the course of the announcement apart from international trade, bore the brunt of the preliminary losses. Inventory exchanges, bond markets, and commodity futures have been all closed on the time.
Analysts have already estimated that Bitcoin’s hashrate has dropped roughly 100 EH/s since late February, largely as a consequence of operational disruptions in Iran.
Luxor Know-how’s Hashrate Index estimated that Gulf states, together with Iran, characterize 8-10% of world hashrate. Placing Iran’s energy crops would bodily knock the nation’s remaining BTC miners offline, to not point out accelerating risk-off capital flight away from crypto investments.
As of Sunday night, BTC was buying and selling at a 23% year-to-date loss. Altcoins like Ethereum and XRP have misplaced 31% and 26% over the identical time interval, respectively.
Trump’s-48 hour deadline for a Strait of Hormuz deal expires in the present day, Monday night at 7:44pm New York time.
