Here’s a twist. Bitcoin fell over the weekend from $75.9K to nearly $69K, and it’s all because Trump issued a 48-hour ultimatum to Iran over the Strait of Hormuz. In short: either they open the strait for trade, or they will face strikes on power plants. Sounds serious, and the market understood that.

Everything was fine before the weekend—crypto was rising for eight days in a row, everyone was bullish. But when news about threats to infrastructure appeared, liquidations started. In a day, almost $300 million was wiped out, of which $254 million were longs. Bitcoin booked losses of $122 million, эфир $95.7 million. Major tokens dropped in sync: эфир down 1.8% to $2.32K, Solana down 2.9% to $83.35, XRP down 0.65% to $1.36, BNB up 0.44% to $617.40, Dogecoin down 0.39% to $0.09.

Crypto is currently in a strange situation. The Federal Reserve left rates soft on Wednesday, which should have helped risk assets. But instead, traders are sitting in anxiety—Monday could change everything if Iran doesn’t agree. For now, while the Strait of Hormuz is closed to most trade, about 20% of the world’s oil and gas flows are disrupted. Funding on Bitcoin perps has remained negative for 46 days in a row—bears clearly don’t believe in a quick rebound.

Bitcoin is now at $74.39K, and it looks like the market is waiting for Monday. If strikes on power plants do happen, it will be the first direct hit to civilian infrastructure in the conflict. Then there could be an even more serious pullback. For now, we hold.