Bitcoin slips under $69,200 as Trump issues 48-hour Iran power plant ultimatum

Bitcoin erased its recent gains over the weekend, sliding sharply as geopolitical tensions flared and leveraged positions unwound across the crypto market.

BTC dropped 2.2% over the past 24 hours to $69,192, extending its weekly decline to 3.1%, after U.S. President Donald Trump issued a 48-hour ultimatum to Iran late Saturday. The demand: reopen the Strait of Hormuz or face potential strikes on the country’s power infrastructure.

Trump warned that the U.S. would “hit and obliterate” Iran’s power plants—starting with the largest—if commercial shipping was not restored through the critical waterway.

The escalation marks a sharp reversal from Friday, when Trump had suggested he was considering winding down military operations. The abrupt shift in tone rattled markets that had spent the past week building optimism around de-escalation.

Liquidation data highlights how exposed traders were heading into the weekend. According to CoinGlass, total liquidations reached $299 million over the past 24 hours across more than 84,000 traders. Long positions accounted for $254 million—roughly 85% of the total—underscoring how heavily the market was positioned for upside.

Bitcoin long positions alone saw $122 million wiped out, while ether longs lost $95.7 million. The largest single liquidation was a $10 million BTC-USDT position on OKX.

Altcoins moved lower in tandem. Ether fell 1.8% to $2,114, XRP dropped 2.5% to $1.41, BNB declined 1.4% to $633, Solana slid 2.1% to $88.55, and Dogecoin lost 2.7% to $0.092. On a weekly basis, only ether and solana remained marginally positive, while the rest of the major tokens posted losses.

With the 48-hour deadline set to expire Monday evening, markets are bracing for further volatility. If Iran fails to comply—as appears likely—the situation could escalate into direct strikes on energy infrastructure, marking a significant intensification of the conflict.

The Strait of Hormuz remains largely closed to commercial traffic, with around 20% of global oil and gas flows still disrupted.

Last week’s rally, which pushed bitcoin as high as $75,912, now appears to have been driven by hopes of a ceasefire that quickly faded. While the Federal Reserve maintained a dovish stance in its latest policy decision—typically supportive of risk assets—ongoing geopolitical uncertainty is keeping traders cautious and limiting conviction in directional bets.