Bitcoin falls below $78,000 after Iran announces Hormuz tolls

Bitcoin slipped below $78,000 on Saturday, trading near $77,947 after Iran announced plans to charge fees for vessels transiting the Strait of Hormuz. The two-day selloff erased more than $80 billion in market value across digital assets and coincided with over $620 million in reported crypto liquidations in 24 hours.

Exchange data show leveraged long positions bore the largest losses, with roughly $469 million of long positions liquidated in the last 24 hours. The decline extended losses from earlier in the week when Bitcoin briefly rose above $82,000.

The Senate Banking Committee approved the CLARITY Act by a 15-9 vote earlier in the week, which had pushed prices higher before some traders booked gains. Expectations for a U.S.-China summit to ease trade tensions cooled after President Donald Trump noted that tariff discussions had not taken place, pressuring U.S. equities and cryptocurrencies.

Iran outlined a new mechanism to manage traffic through the Strait of Hormuz, saying the system will route vessels along a designated path and collect fees for specialized services. An Iranian official indicated that ships from China, Japan and Pakistan have transited the strait with Iranian clearance and that several European operators are seeking similar permission.

Domestic indicators in Iran point to economic strain. Data cited by analysts show Iranian crude exports have fallen by more than 80% since mid-March. Reports of fuel rationing describe long queues at filling stations and a growth in a gasoline black market. Pakistan’s interior minister made an unannounced visit to Tehran this week, a trip characterized by some observers as part of backchannel diplomacy related to U.S.-Iran tensions.

Market participants offered different explanations for the price drop. One analyst described the price reversal as profit-taking after regulatory progress on Capitol Hill. Another analyst argued Bitcoin has been in a weekly downtrend since October and that isolated news events no longer determine the broader trend. A separate commentator questioned the legal reach of charging fees on international waters, suggesting other governments may not recognize such a claim.

A prediction market showed traders placing about 60% odds on Bitcoin falling below $75,000 before the end of the month. Bitcoin is roughly 38% below its October high of $126,080, reflecting the scale of the recent retreat.