Bitcoin fell by more than 2% to about $62,000 after President Donald Trump reimposed the Iranian blockade on the Strait of Hormuz and announced new shipping fees on ships crossing the waterway.
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- Bitcoin fell below $63,000 after Trump announced the return of the Iranian blockade of the Strait of Hormuz.
- Trump said that the United States would impose a 20% shipping fee while protecting commercial shipping through the strategic waterway.
- Polymarket traders now see only a 16% chance that shipping in Hormuz will return to normal by August 31.
According to the Social Truth newspaper of July 13 mail By President Trump, the renewed blockade will target only Iranian ships and agents while allowing all other countries to continue using the Strait of Hormuz.
The announcement comes as tensions between the United States and Iran rise again in the wake of new attacks around the main oil shipping route.
Trump stated that the Strait of Hormuz would remain open “with or without Iran” and declared that the United States would now be known as the “Keeper of the Strait of Hormuz.”
He added that Washington would receive 20% compensation for all goods shipped through the corridor under American protection, saying that the amount would cover the costs of maintaining safety and security in what he described as the troubled region.
The President also said that implementation will begin immediately. The latest announcement comes on the heels of his previous proposal to the United States Control of the Strait of Hormuz And imposing transit fees, an idea that came after Iran discussed imposing its own fees on ships crossing the strait.
Bitcoin weakens as geopolitical risks return
Coupled with renewed geopolitical uncertainty, Bitcoin (Bitcoin) extended its decline from levels above $64,000 reached earlier this week. The cryptocurrency is trading near $62,240 at the time of writing, down about 3% over the past 24 hours.
The daily chart also indicates weak momentum after Bitcoin failed to hold above the 78.6% Fibonacci retracement near $63,200 and fell back below the 50-day SMA near $64,650. The price continues to trade within the downtrend channel in place since May, while the 100-day and 200-day moving averages remain much higher near $70,700 and $73,800, respectively.
Despite the decline, the Chaikin Money Flow index remains slightly positive at around 0.06, indicating that capital inflows have not completely reversed. However, technical resistance between roughly $63,200 and $64,600 still limits recovery attempts, while support lies near the 20-day moving average near $61,870 before the psychologically important $60,000 level.
Traders reduce expectations for shipping recovery
Meanwhile, market expectations indicate that traders are becoming increasingly pessimistic about shipping conditions returning to normal in the Strait of Hormuz.
According to data from cryptocurrency forecasting platform Polymarket, the probability that maritime traffic will return to normal before August 31 has dropped to just 16%. Those odds fell sharply from about 48% earlier this month after Trump announced that the previous ceasefire had ended.
The recent decline comes after several days of military escalation between Washington and Tehran. The Iranian Navy announced that the Strait of Hormuz would remain closed until further notice, while Iranian forces remained closed Multiple ships were reported to have been struck It has been operating in the waterway in recent days as the country seeks to tighten its control over the strategic oil corridor.
As geopolitical tensions continue to escalate and uncertainty surrounding one of the world’s most important energy routes continues to rise, risk assets like Bitcoin remain under pressure as investors closely monitor developments in the region.
