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Bitcoin fell sharply on Thursday after President Donald Trump’s national address on the escalating Iran conflict, with traders having expected signals of potential de-escalation. Instead, the remarks were interpreted as pointing to continued tensions.
Oil markets reacted quickly. Crude prices jumped 5%, moving above $104 per barrel, as the Strait of Hormuz remained under pressure from blockades and there was no indication from Trump of an imminent reopening. Energy traders said the outlook is likely to stay volatile.
Bitcoin was changing hands near $69,230 before the address. By early Thursday morning, it had dropped to $66,393, a decline of about 2.9% in less than a full day. The broader crypto market moved in the same direction, with Ethereum, XRP, Solana, and Dogecoin all recording substantial losses. Bitcoin trading volume also fell by more than 8% over the same period.
CoinGlass analytics showed aggregate BTC futures open interest fell 2.5% to $46.49 billion within four hours after the speech. CME open interest declined 2.70%, while Binance saw a 2.96% drop. Such changes typically align with traders liquidating positions or closing longs.
The Coinbase Premium indicator, which tracks demand from United States-based purchasers, moved into negative territory. That shift suggests American retail participants were holding back from buying during the price decline.
Market commentators Lyn Alden and Rory Johnston said the market did not learn materially new information from Trump’s Iran War address, but that the reaffirmed elements are likely to continue influencing crude prices higher.
Macro indicators also moved. The US Dollar Index rose 0.33% to 100, while the 10-year Treasury yield increased to 4.376%. Precious metals weakened, with gold down more than 2% and silver falling over 4%.
Despite the downturn in spot prices, spot Bitcoin exchange-traded funds recorded their first monthly net inflow since October. Spot Bitcoin ETFs accumulated $1.2 billion during March after four consecutive months of outflows.
After a peak in October 2025, Bitcoin has already experienced a 52% correction. The article also noted a technical signal: on February 27, 2026, a 3-day SMA cross occurred again, and the market was described as being 30 days into that signal.
In March, Bitcoin reportedly outperformed many risk-sensitive assets, posting modest gains while equities and precious metals declined. Even so, the article stated BTC remains about 24% lower in 2026 and has mostly traded around the $60,000 area for much of the year.
The article said Iran has stated it requires payments in Chinese yuan or cryptocurrency to allow passage through the Strait of Hormuz. It also noted that direct diplomatic engagement between the United States and Iran has not occurred since hostilities began more than a month ago.
At the time of reporting, Bitcoin was trading at $66,393.
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