Bitcoin fell to $79,074 in late Asian hours on Monday, reversing nearly $1,500 from an $80,594 intraday high that had marked the highest pressure since January 31.
The withdrawal came as Iran’s Fars news agency claimed two missiles hit a US patrol boat near Jask Island after the vessel allegedly ignored Iranian warnings to leave its territorial waters. Brent crude rose more than 5% to trade above $113 a barrel. barrel before the gain was reduced.
The United States denied the report soon after, saying no American ship had been hit. Oil and stock futures pared their initial moves on the denial, but bitcoin held its fall as traders priced in the fragility of the truce that has held since early April.
Other majors followed bitcoin lower from intraday highs but remained positive on the day.
Ether traded at $2,341, up 1.2% over 24 hours after touching $2,368 earlier. Solana was at $84.08, up just 0.2% a day after opening Monday at $85.14. XRP fell to $1.40 and BNB to $623. Dogecoin held its gains better than most, up 2.3% on the day to $0.1102 with the weekly print still at 12.1%.
The escalation came hours after President Donald Trump announced on Truth Social that the United States would begin escorting ships stranded in the Persian Gulf through the Strait of Hormuz starting Monday, an operation called Project Freedom that involves guided missile destroyers, aircraft and drones.
Iran responded by announcing that it had “redefined the zone of control” in Hormuz, extended its alleged maritime borders to Fujairah and signaled that Tehran would regulate shipping traffic in the area regardless of US operations.
Bitcoin had breached $80,000 for the first time since January, with $301 million in shorts liquidating as the move unfolded earlier Monday. The Senate Clarity Act compromise on the stablecoin dividend released on Friday had added to the risk tone heading into the week.
Whether the US denial holds or new confirmations emerge from both sides will likely set the tone for the remainder of the US session.
