Bitcoin near $63,400 as Iran keeps Hormuz closed

Iran’s military command declared the Strait of Hormuz closed indefinitely on June 10 after U.S. airstrikes, warning it would fire on any vessel that attempted to pass. The waterway handles about 20% of global oil shipments, and traffic has been at a near standstill for weeks.

The disruption has pushed oil and gasoline prices higher and contributed to a rise in U.S. inflation, tightening conditions for risk assets, including cryptocurrencies.

President Trump told supporters during a tele-rally that a deal had been reached and that planned strikes were canceled while a settlement would be finalized soon. Tehran did not confirm any agreement, leaving traders to weigh the president’s statement against the Iranian announcement that the blockade remains in place.

Markets reacted to the conflicting reports. Bitcoin fell to a session low of $60,914 before recovering about 2.3% to trade near $63,000 on June 11 as hopes for de-escalation rose. The token is down roughly 30% for 2026 and remains sensitive to macro shocks that drain liquidity from speculative markets.

Market participants responded quickly to each new statement from Washington and Tehran, and price swings in oil, equities and crypto followed the changing headlines.

An earlier investigation found that sanctioned trade in the region has increasingly relied on stablecoins, illustrating how geopolitical chokepoints can intersect with onchain flows used to move value around sanctions.

Analysts say a signed, confirmed settlement that reopens the strait would likely remove the war-risk premium embedded in oil and equity prices. Until Tehran confirms an agreement and shipping visibly resumes, markets have continued to react to every new U.S. post and Iranian statement.