Bitcoin has experienced a decline of over 2%, trading at approximately $62,000, following President Donald Trump’s reimplementation of an Iranian blockade in the Strait of Hormuz and the introduction of new cargo fees for ships traveling through this waterway.
Summary
- Bitcoin dropped below $63,000 after Trump announced the renewed Iranian blockade in the Strait of Hormuz.
- Trump mentioned that the U.S. will enforce a 20% cargo fee while ensuring the protection of commercial shipping in this critical region.
- Traders on Polymarket now estimate only a 16% chance that shipping in Hormuz will normalize by August 31.
In a post on Truth Social dated July 13, President Trump stated that the renewed blockade would focus on Iranian vessels and clients, while allowing others to continue their passage through the Strait of Hormuz.
This announcement comes amid rising tensions between the U.S. and Iran following recent attacks near this vital oil shipping corridor.
Trump claimed that the Strait of Hormuz would remain accessible “with or without Iran” and declared that the United States would now be referred to as “THE GUARDIAN OF THE HORMUZ STRAIT.”
He noted that the U.S. intends to charge a 20% fee on all cargo passing through this route under American protection, stating that the revenues would help cover safety and security expenses in a region he described as volatile.
The implementation of this plan is set to begin immediately. This announcement follows Trump’s earlier suggestion that the U.S. take control of the Strait of Hormuz and establish transit fees, a proposal made after Iran contemplated imposing its own tolls on vessels utilizing the chokepoint.
Bitcoin struggles as geopolitical concerns rise
Amid increasing geopolitical uncertainty, Bitcoin (BTC) has continued its descent from above $64,000 earlier this week, currently trading near $62,240, reflecting a nearly 3% drop over the past 24 hours.
Analysis of the daily chart shows diminishing momentum, as Bitcoin has struggled to maintain its position above the 78.6% Fibonacci retracement near $63,200 and has dipped below the 50-day simple moving average around $64,650. Prices continue to fluctuate within a descending channel that has been in effect since May, while the 100-day and 200-day moving averages remain considerably higher at approximately $70,700 and $73,800, respectively.
Despite the downturn, the Chaikin Money Flow indicator is slightly positive at around 0.06, implying that capital inflows have not fully reversed. However, technical resistance in the range of about $63,200 to $64,600 continues to obstruct recovery efforts, while support is observed near the 20-day moving average around $61,870, just before the crucial $60,000 level.
Traders scale back shipping recovery expectations
In related news, prediction markets indicate that traders are becoming increasingly skeptical about the return to normal shipping conditions in the Strait of Hormuz.
Information from the crypto prediction platform Polymarket shows the probability of maritime traffic normalizing before August 31 has dropped to just 16%. This figure has significantly fallen from nearly 48% earlier this month following Trump’s announcement that the previous ceasefire was ended.
This recent shift follows several days of military escalation between Washington and Tehran. The Iranian Navy has announced that the Strait of Hormuz will remain closed until further notice, while Iranian forces have reportedly targeted several vessels operating in the area as the country seeks to reinforce its control over this vital oil corridor.
With escalating geopolitical tensions and growing uncertainty surrounding one of the world’s most significant energy routes, risk assets like Bitcoin continue to face pressure as investors closely monitor developments in the region.
