Bitcoin fell below $69,000 after U.S. President Donald Trump issued a 48 hour ultimatum to Iran concerning the Strait of Hormuz.

The cryptocurrency traded near $68,800 after losing more than 2% in 24 hours, erasing last week’s gains to $75,912 on renewed geopolitical tensions.

Market reaction

Trading volumes increased as sellers pushed prices lower and volatility rose across major platforms, reflecting heightened risk aversion among market participants.

Prices for several large-cap tokens moved into negative territory, signaling a broad-based reaction rather than an isolated outflow from bitcoin alone.

Liquidations and flows

Over the past 24 hours, exchanges recorded total liquidations of $299 million, with a disproportionate share affecting bullish positions.

• $254 million of the liquidations, or 85%, came from longs that had bet on continued appreciation.
• Ethereum traded around $2,088, Solana near $87.44, and XRP at approximately $1.40, all showing intraday declines.

Most top assets displayed negative weekly performance, reflecting a withdrawal of risk capital amid the evolving geopolitical story.

Geopolitical deadline

President Donald Trump warned of potential strikes on Iranian power infrastructure unless Tehran reopens the Strait of Hormuz to commercial vessels within 48 hours.

The ultimatum is set to expire on Monday evening, and traders are pricing the risk that direct attacks on energy facilities could disrupt regional energy flows and financial markets.

Market participants say such disruptions could amplify price dislocations, increase volatility in energy-linked assets, and transmit stress to broader financial conditions.