Gate News message, April 18 — Bitcoin rose to $78,000 on April 17 before declining to $76,091 by April 18 in Asia, as crypto markets reacted to conflicting reports regarding the Strait of Hormuz. Data firm CoinGlass reported that the volatility triggered $762 million in liquidations across 168,336 traders, including $593 million from short positions: $381 million in bitcoin shorts and $167 million in ether shorts.
The price swings followed reports that Iran had closed the waterway. Two tanker owners received Iranian radio warnings that the strait was sealed, with one supertanker reporting gunfire and reversing course. Iran’s Nour news agency stated the strait had returned to armed forces control following what it described as a U.S. blockade of Iranian shipping. The Islamic Revolutionary Guard Corps (IRGC), a powerful military organization separate from Iran’s regular armed forces, reportedly controls the passage and has collected payments of up to $2 million per vessel from ship operators using the route.
The geopolitical tensions carry crypto implications: Iran has reportedly accepted payments in bitcoin, Tether (USDT), and Chinese yuan for safe passage. Iran accounts for approximately 4.5% of global bitcoin mining, and the approach could help Tehran secure hard currency while circumventing U.S. sanctions. The liquidation cascade reflected how leveraged derivatives traders had crowded into short positions ahead of the crisis; when prices recovered slightly, forced buying to close those positions accelerated the rally.
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