Strait of Hormuz Blockade: Bitcoin Drops Below $71,000 as Oil Surges to $105
📋 En bref (TL;DR)
- Bitcoin at $70,800: down 3% after the US announced a naval blockade of the Strait of Hormuz
- Oil above $105: WTI surges 9%, the largest oil supply shock in modern history
- Failed negotiations: VP Vance left Islamabad Saturday, Trump announced the blockade Sunday on Truth Social
- Iran collecting tolls in Bitcoin and USDT: $20 million per day collected via a crypto exchange bureau on Qeshm Island
- ETH and SOL sharply down: Ethereum below $2,200 (-4.7%), Solana at $81.8 (-4.3%)
- Crypto markets below $2.5 trillion: yet Bitcoin ETF flows remain positive (+$787M the previous week)
President Donald Trump announced on Sunday, April 12, 2026, a full naval blockade of the Strait of Hormuz, just hours after peace negotiations with Iran collapsed in Islamabad. Bitcoin immediately dropped below $71,000, while oil surged above $105 per barrel. A major geopolitical shock redefining the correlation between energy markets and crypto.
Even more surprising: Iran is now collecting passage tolls in Bitcoin and stablecoins — a world first for a sovereign nation. Here’s everything you need to know.
What happened: from failed talks to blockade
Peace talks between the United States and Iran in Islamabad, Pakistan, broke down on Saturday, April 11. Vice President JD Vance, accompanied by special envoy Steve Witkoff and Jared Kushner, left Pakistan without an agreement. The main sticking point: Iran’s nuclear program. Trump summarized on Truth Social: “Most points were agreed to, but the only point that really mattered, NUCLEAR, was not.”
The US red lines that Iran rejected included ending all uranium enrichment, dismantling nuclear facilities, and fully opening the Strait of Hormuz without tolls.
The blockade announcement
On Sunday, April 12, Trump announced on Truth Social:
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz.”
CENTCOM (US Central Command) clarified that the blockade only targets maritime traffic entering and leaving Iranian ports. Vessels transiting to non-Iranian ports will not be affected. The blockade took effect Monday, April 13 at 10:00 AM ET.
Impact on Bitcoin and crypto markets
Market reaction was immediate. Bitcoin dropped from above $73,000 on Saturday to $70,800 on Sunday evening — a roughly 3% decline in 24 hours.
Key crypto market figures
Bitcoin (BTC): $70,800 (-3% in 24h). Immediate support sits at $70,000, a major psychological floor. Resistance remains at $73,000. Approximately 13.5 million addresses are currently at a loss.
Ethereum (ETH): below $2,200 (-4.76%). Solana (SOL): $81.83 (-4.25%). Total crypto market capitalization fell below $2.5 trillion.
Bitcoin: risk asset or safe haven?
In the short term, Bitcoin continues to behave as a high-beta risk asset: it falls alongside stocks during geopolitical shocks. The transmission mechanism is indirect: oil rises → inflation fears → central banks delay rate cuts → risk assets suffer.
Yet fundamentals remain solid. Bitcoin ETFs recorded +$787 million in inflows the previous week, the best week since early March. MicroStrategy (now Strategy) holds 766,970 BTC and continues buying.
Oil surges: a historic supply shock
WTI (US oil) jumped to $105 per barrel (+9%), Brent (global benchmark) to $103 (+8%). The Strait of Hormuz, through which approximately 20 to 21 million barrels per day transit (20% of global oil trade), is at the center of the largest oil supply shock in modern history.
Since Iran’s initial closure of the strait in late February 2026, coordinated IEA strategic reserves have been offsetting roughly 4.5 to 5 million barrels per day, but are approaching depletion limits. Goldman Sachs forecasts Brent above $100 throughout 2026 if the strait remains closed for another month.
Notable: WTI oil has become the 3rd most traded instrument on Hyperliquid (decentralized exchange), after BTC and ETH, with $1.53 billion in volume.
Iran collects tolls in Bitcoin: a world first
Since mid-March 2026, Iran’s Revolutionary Guard (IRGC) has been charging tolls on vessels transiting the strait. The Iranian parliament formalized the system on March 31 with the “Strait of Hormuz Management Plan.”
How it works
The rate is approximately $0.50 to $1 per barrel of oil transported. A giant tanker (VLCC, 2 million barrels) pays roughly $2 million per transit. Accepted payment methods: Chinese yuan, Bitcoin, and USDT (Tether).
Iran has set up a dedicated crypto exchange bureau on Qeshm Island to quickly convert payments. Approved ships receive a VHF passcode and an IRGC naval escort. Ships linked to the United States or Israel are denied passage.
Estimated revenue
According to TRM Labs, toll revenues reach approximately $20 million per day for oil alone, and $600 to $800 million per month including LNG. Chainalysis calls this system a “significant milestone for state-level adoption” of crypto, while noting that stablecoins (USDT) are preferred over Bitcoin for high-volume commerce.
This marks the first time a state has used crypto infrastructure as a sovereign revenue mechanism at a major maritime chokepoint.
Outlook: what to watch this week
Analysts remain divided on what comes next. Markus Thielen (10x Research) maintains a short-term target of $88,000 for Bitcoin, supported by positive ETF flows and oversold technical signals. Matt Mena (21Shares) suggests $100,000 by end of Q2 if the Clarity Act (SEC/CFTC regulation) passes and inflation stays contained.
The recently released US Core CPI (+0.2% monthly, +2.6% annual) came in below expectations, which could support rate-cut hopes. On Polymarket, 65% expect the Clarity Act to pass in 2026.
The zone between $72,000 and $80,000 remains thinly supplied (only 1% of circulating supply): if the $73,000 resistance breaks, the recovery could be swift.
📚 Glossary
- Bitcoin (BTC): The first and largest cryptocurrency, created in 2009 by Satoshi Nakamoto. Operates on a decentralized peer-to-peer network without banking intermediaries.
- Stablecoin: A cryptocurrency pegged to a stable asset, typically the US dollar. USDT (Tether) and USDC (Circle) are the most widely used.
- Bitcoin ETF: An exchange-traded fund that tracks the price of Bitcoin, allowing investors to gain BTC exposure through a traditional brokerage account without directly holding the cryptocurrency.
- Inflation: A sustained, generalized rise in prices that erodes purchasing power. Expensive oil fuels inflation, prompting central banks to maintain higher interest rates.
- Liquidation: The forced closure of a leveraged position when losses reach a critical threshold. Geopolitical shocks often trigger liquidation cascades.
- Funding rate: The financing rate on perpetual futures markets. A negative rate indicates short sellers are paying longs — a sign of bearish sentiment.
Frequently Asked Questions
Why is Bitcoin dropping because of the Hormuz blockade?
The blockade drives oil prices higher, fueling inflation fears. Central banks then delay interest rate cuts, which weighs on risk assets like Bitcoin. In the short term, BTC behaves as a correlated asset that moves with equities.
Is Iran really accepting Bitcoin as a toll for the Strait of Hormuz?
Yes, since March 2026, Iran accepts Bitcoin, USDT (Tether), and Chinese yuan as payment for strait transit tolls. A dedicated crypto exchange bureau was set up on Qeshm Island. According to TRM Labs, toll revenues reach approximately $20 million per day.
Can Bitcoin recover despite the Middle East crisis?
Analysts remain optimistic for the medium term. 10x Research targets $88,000 and 21Shares suggests $100,000 by end of Q2 2026, contingent on the Clarity Act passing and inflation staying contained. ETF flows remain positive (+$787M last week).
How do oil prices affect cryptocurrencies?
There is no stable direct correlation between oil and Bitcoin. The impact is indirect: expensive oil → inflation → higher interest rates → reduced appetite for risk assets. When oil drops (as during the April 8 ceasefire), rate-cut probabilities increase and Bitcoin rebounds.
What is the price of oil in April 2026?
As of April 13, 2026, WTI (US oil) trades around $105 per barrel (+9%) and Brent (global benchmark) around $103 (+8%). Oil has been above $100 since early March, with an estimated geopolitical risk premium of $25-30 per barrel.
📰 Sources
This article is based on the following sources:
- CNBC – Trump says U.S. will blockade Strait of Hormuz after Iran peace talks fail (April 12, 2026)
- CoinDesk – Bitcoin slips below $71,000 as Trump orders blockade (April 12, 2026)
- Chainalysis – Iran’s Strait of Hormuz Crypto Toll: An Evolution of Tehran’s Expanding Use of Digital Assets
- TRM Labs – Iranian Crypto Tolls in Strait of Hormuz
- Al Jazeera – Oil prices surge past $103 a barrel after US announces blockade (April 13, 2026)
How to cite this article: Fibo Crypto. (2026). Strait of Hormuz Blockade: Bitcoin Drops Below $71,000 as Oil Surges to $105. Retrieved April 13, 2026 from fibo-crypto.fr
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