Bitcoin fell to its lowest price of the year after Trump promised to hit Iran “extremely hard,” sending oil above $106 a barrel and wiping out a short-lived global market rally.
Posted April 3, 2026 at 6:55 am EST.
Bitcoin dropped to $65,834 Thursday after President Trump delivered a primetime address vowing to strike Iran “extremely hard” in the coming weeks, marking the cryptocurrency’s lowest price of 2026. Ethereum fell 5% and BNB declined 6.8%, with most top-ten tokens finishing the week in the red. Spot Bitcoin ETFs saw $174 million in net outflows on Wednesday alone, reflecting growing institutional caution.
Trump’s speech dashed hopes for near-term de-escalation. Markets had rallied sharply through Tuesday on his earlier comments that the conflict could wrap up within weeks — Asian stocks jumped 4% and S&P 500 futures surged — before the address reversed all of those gains. Brent crude climbed above $106 a barrel following the remarks, while the dollar strengthened and Treasuries fell on renewed inflation concerns.
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The Strait of Hormuz has been effectively closed since mid-March, and analysts note that strategic petroleum reserves offsetting lost supply could be exhausted within weeks. Ship insurance premiums for Hormuz transits have surged from under 1% of a vessel’s value before the conflict to as high as 7.5% per trip, a cost signal analysts say is more reliable than any political statement about when the route might reopen.
Markets found brief relief Thursday afternoon when reports emerged that Iran was working with Oman on a protocol to coordinate safe passage through the strait, sending oil down roughly $5 and helping the Nasdaq erase most of an earlier 2% decline. Bitcoin trimmed its losses on the news but remained about 2% lower on the day.
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