Key Takeaways
- $71 billion in the previous weeks, as the new week could open with more Bitcoin long liquidations for traders as uncertainties heat up.
- Donald Trump threatens Iran to open the Strait of Hormuz in 48 hours or face more attacks, as Iran responds with a complete shutdown of the Strait of Hormuz.
- Oil could see a further price surge in the coming days if the Strait of Hormuz is completely shut down.
Donald Trump, on Sunday, March 22, 2026, has given Iran 48 hours to reopen the Strait of Hormuz or suffer attacks, as the current fight between the US and Iran has affected major financial markets in the last few weeks, and the current political war does not look like it will slow down anytime soon.
This war has affected major refineries and the distribution of Oil, leading to scarcity and, thereby, the price of Oil rallying to a potential high of around $120 in previous weeks before a minor retracement towards $88.
However, the price of oil could potentially see a market surge in the coming weeks as Iran, responding to Donald Trump, has threatened to close down the Strait of Hormuz completely if its power plants are targeted.
The current war has created significant uncertainty across financial markets, including for Bitcoin, which has shown strong price action in recent weeks. The price could crash if the market remains in this state of uncertainty.
Bitcoin Liquidates More Long Positions as Iran Threatens to Close the Strait of Hormuz
The price of Bitcoin has struggled to trade to the upside for much of the previous weeks, as the market remains uncertain following the recent price crash from a region of $76,000 to $68,500 before rebounding to $70k.
However, the price of BTC has struggled significantly and could trade lower, as recent on-chain data suggests that traders opening long positions continue to suffer liquidations to the downside.
The key Bitcoin price region remains around $60,000, as this zone has protected the price from crashing lower. A break below this zone could see the price of the crypto asset trade towards a low of $50,000, which could trigger panic in the market.
Traders and investors would pay close attention to the market’s response over the next few hours ahead of a new trading week, as current events could have a greater effect on overall market price action.
FAQs
How does oil affect Bitcoin?
Oil prices do not directly affect Bitcoin prices; however, a scarcity of oil could affect the global energy market, which could also affect Bitcoin mining, allowing demand for the crypto asset to grow as the price gains some momentum to the upside.
How do conflicts in the Middle East affect the oil industry?
The Middle East conflict has led to oil scarcity, with the recent US-Iran war closing the Strait of Hormuz, through which 20% of the world’s oil supply passes, triggering a global spike in oil prices.
What will happen to crypto if the US attacks Iran?
There are speculations suggesting the price of BTC could go lower, but they have proven wrong as the price is rallying. Gold and Oil have seen strong price action over the last few days.
How much BTC does Iran hold?
There are no exact figures yet, but Iran has been conducting many transactions and mining activities with Bitcoin lately, despite the recent US-Iran war.
Will the Iran War affect crypto?
The crypto market has experienced a crash in the last few hours amid the US-Iran war, as US President Donald Trump hints at a combat operation. The crypto market could see a significant crash on Monday when it opens.
Related Read
What Happens to Crypto if Oil Hits $200?
How Oil Supply Could Affect Crypto as Oil Eyes $100 per Barrels
