Bitcoin dropped sharply on Thursday after US President Donald Trump’s address to the nation on the ongoing war with Iran. Markets had been expecting signals of de-escalation, but the speech delivered the opposite.
Trump told the nation that the US would “hit them extremely hard over the next two to three weeks,” referring to Iran. He said military objectives were close to completion but offered no ceasefire timeline.
NOW – Trump on Iran: "We're going to hit them extremely hard over the next 2-3 weeks. We're going to bring them back to the stone ages, where they belong!" pic.twitter.com/knSmNB9OQk
— Disclose.tv (@disclosetv) April 2, 2026
Oil prices responded immediately. Crude jumped 5% to above $104 per barrel. The Strait of Hormuz remains blocked, and Trump gave no indication it would reopen soon.
Bitcoin was trading around $69,230 earlier in the day before the speech. By early Thursday morning, it had fallen to $66,393, a drop of roughly 2.9% in under 24 hours.
The broader crypto market followed. Ethereum, XRP, Solana, and Dogecoin all posted sharp losses. Trading volume for Bitcoin fell more than 8% over the same period.
Data from CoinGlass showed total BTC futures open interest fell 2.5% to $46.49 billion in just four hours after the speech. Open interest on CME dropped 2.70% and on Binance fell 2.96%. This kind of move typically points to traders closing long positions.
The Coinbase Premium, which measures demand from US-based buyers, turned negative. That suggests US retail investors are not stepping in to buy the dip, at least not yet.
Market analysts Lyn Alden and Rory Johnston stated that markets “didn’t really learn anything more from Trump’s Iran War address, but those things he reaffirmed are likely going to continue driving crude prices higher.”
The US Dollar Index rose 0.33% to 100, while the 10-year Treasury yield climbed to 4.376%. Gold fell more than 2% and silver dropped over 4%.
Despite the current sell-off, Bitcoin ETFs saw their first monthly net inflow since October. Spot ETFs pulled in $1.2 billion in March after four consecutive months of outflows.
Following the October 2025 peak, Bitcoin $BTC has already seen a 52% correction. On February 27, 2026, we saw the 3-day SMA cross once again. As of today, we are exactly 30 days into this signal.
If history "rhymes," we are likely entering the Final Accumulation Window of this… https://t.co/NB4vtVMaFx pic.twitter.com/gMn1MxjzKK
— Ali Charts (@alicharts) April 1, 2026
Bitcoin had still outperformed most risk assets in March, posting mild gains while stocks and metals fell. However, BTC remains down roughly 24% in 2026 and has traded near the $60,000 range for most of the year.
Iran has said it wants payment in Chinese yuan or crypto for passage through the Strait of Hormuz. No direct talks between the US and Iran have taken place since the conflict began over a month ago.
At press time, Bitcoin was trading at $66,393.
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