Bitcoin Drops to $67K as Oil Surges Following Trump Speech

• Bitcoin drops below $67K as Trump signals continued Iran strikes and markets react sharply.
• Oil jumps above $104 while the lack of a Hormuz reopening plan adds uncertainty to global supply.
• Long liquidations dominate across timeframes as $54M wiped out in 12 hours amid a selloff.

Bitcoin dropped below $67,000 after U.S. President Donald Trump delivered a national address that failed to provide clarity on the timeline for ending the ongoing conflict with Iran. The remarks, which pointed out continued military action over the coming weeks, unsettled financial markets that had anticipated signals of de-escalation. 

As a result, Bitcoin fell to around $66,646.91, marking a 3.18% daily decline, while U.S. stock futures erased more than $550 billion in value.

Trump Speech Triggered Oil Surge

Ahead of the speech, both crypto and equity markets had shown upward momentum, supported by expectations of easing geopolitical tensions and potential restoration of oil supply flows. However, Trump stated that the United States would intensify strikes against Iran over the next two to three weeks, warning of additional action targeting infrastructure if no agreement is reached.

Crude oil prices reacted immediately, rising 5% to above $104. At the same time, the president did not outline any plan for reopening the Strait of Hormuz, a key route for global oil shipments. Instead, he urged countries to source energy from the United States. 

Iran, meanwhile, was reported to be demanding payment in Chinese yuan or cryptocurrencies for passage through the strait.

Separately, the United Arab Emirates is pushing for a United Nations Security Council resolution to reopen the Strait of Hormuz and has expressed willingness to coordinate with the U.S. and allied countries to restore oil supply routes.

Bitcoin Breaks $68K Support

Bitcoin’s price action reflected a shift during the session. Earlier trading saw consolidation between $68,000 and $69,000, with limited volatility. However, momentum weakened following the speech, leading to a breakdown below the $68,000 level.

The decline accelerated toward the $66,000 range, where temporary support emerged. The market capitalization fell to roughly $1.33 trillion, while 24-hour trading volume dropped about 9% to $38.95 billion.

Long Liquidations Dominate Selloff

According to Coinglass data, liquidation trends displayed a growing imbalance across timeframes. In the past hour, total liquidations reached $1.50 million, with short positions at $869.15K exceeding longs at $631.23K.

Source: Coinglass

However, over longer periods, long positions accounted for the majority of forced closures. In four hours, $13.68 million in liquidations included $12.57 million in longs. Over 12 hours, total liquidations reached $54.78 million, with $50.45 million attributed to long positions.

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