Bitcoin's price fell by more than 2% to $62,000 after President Donald Trump reinstated the Iranian blockade of the Strait of Hormuz and announced new shipping fees for vessels transiting the waterway.
According to a post by President Trump on Truth Social on July 13, the renewed blockade will target only Iranian vessels and customers, while allowing all other countries to continue using the Strait of Hormuz.
This announcement comes as tensions between the United States and Iran have escalated again following new attacks around the key oil shipping route.
Trump stated that the Strait of Hormuz will remain open "with or without Iran," and declared that the United States will now be known as the "Protector of the Strait of Hormuz."
He added that Washington will receive a 20% fee on all goods shipped through the strait under U.S. protection, saying the payment will cover the costs of maintaining safety and security in what he described as a volatile region.
The president also announced that implementation would begin immediately. This latest announcement follows his earlier suggestion that the United States take control of the Strait of Hormuz and impose transit fees, an idea that emerged after Iran discussed imposing its own fees on ships passing through this vital waterway.
Bitcoin's value declined as geopolitical risks returned
Amid renewed geopolitical uncertainty, Bitcoin's price continued its decline from levels above $64,000 reached earlier this week. The cryptocurrency is currently trading near $62,240, down almost 3% in the last 24 hours.
The daily chart also indicates a loss of momentum after Bitcoin failed to hold above the 78.6% Fibonacci retracement level near $63,200 and fell below the 50-day simple moving average at around $64,650. The price continues to trade within a descending channel that has been in place since May, while the 100-day and 200-day moving averages remain significantly higher, near $70,700 and $73,800, respectively.
Despite the decline, the Money Flow Index (MFI) for Chaikin remains slightly positive at around 0.06, suggesting that capital flows haven't fully reversed. However, technical resistance between approximately $63,200 and $64,600 continues to limit recovery attempts, while support lies near the 20-day moving average at around $61,870, just ahead of the psychologically significant $60,000 level.
Traders Lower Shipping Recovery Expectations
Meanwhile, forecasting markets indicate that traders have become increasingly pessimistic about shipping conditions returning to normal in the Strait of Hormuz.
According to data from the cryptocurrency forecasting platform Polymarket, the probability of shipping traffic returning to normal before August 31 has dropped to just 16%. This represents a sharp decline from around 48% earlier this month after Trump declared the end of the previous ceasefire.
Polymarket's chart shows the probability of traffic in the Strait of Hormuz returning to normal by August 31 falling to 16%, following a steady decline in July.
This latest decline comes after 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 reports indicate that Iranian forces targeted several vessels operating in the waterway in recent days, as Iran seeks to consolidate its control over this strategic oil chokepoint.
As geopolitical tensions continue to escalate and uncertainty grows surrounding one of the world’s most important energy routes, risky assets such as Bitcoin remain under pressure as investors closely monitor developments in the region.