Another blockade? Iranian Revolutionary Guard: Re-blocking the Strait of Hormuz! Bitcoin drops below $68,000.

The blockade of the Strait of Hormuz has entered its fourth week. On March 26, Iran announced that vessels from five countries—China, Russia, India, Iraq, and Pakistan—would be allowed to pass. However, today Israel reported that the commander responsible for blocking the strait has died, and European media have reported that the Iranian Revolutionary Guard Corps has stated they will re-block the Strait of Hormuz, prohibiting any vessels from passing.
(Background: Trump states: Iran must “unconditionally surrender” for ceasefire! Middle East conflict escalates, oil and dollar soar, Bitcoin dips to $68,000)
(Background Supplement: Iran’s new leader Moghaddam makes his first statement: extremely tough orders to “block the Strait of Hormuz,” vowing to take revenge for his father without compromise)

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• The threat of “turning to ashes” remains
• Trump: Negotiations progressing well, deadline extended to 4/6
• BTC falls below $68,000

On the 28th day of the blockade, the Iranian Revolutionary Guard Corps (IRGC) continues to threaten any vessels attempting to pass. This morning, Israel unilaterally announced airstrikes, killing the naval commander of the IRGC, Alireza Tangsiri.

On March 26, Iranian Foreign Minister Zarif announced that vessels from these five “friendly countries” could safely transit the Strait of Hormuz. However, today European media reported that Iran’s military has called for a full re-blockade of the strait, strictly monitoring passing vessels.

The threat of “turning to ashes” remains

Since the IRGC announced the closure of the strait on February 28, there has been no fundamental change in the situation. The words of IRGC commander advisor Jabari still echo: “The strait is closed. If anyone attempts to pass through, the Revolutionary Guard and regular navy will turn those vessels to ashes.”

Currently, 21 attacks on merchant vessels have been confirmed. Oil tanker traffic has plummeted by over 70%, with more than 150 vessels stranded outside the strait. Brent crude oil surged from $100 before the blockade to a peak of $126 per barrel, an increase of over a quarter.

On March 19, the U.S. military attempted to open the strait through military action, with limited effect. On March 25, Iran then stated that “non-hostile” vessels could pass safely, and the next day provided a list of exemptions for the five countries.

Trump: Negotiations progressing well, deadline extended to 4/6

At the same time, on March 26, Trump extended the ultimatum for strikes on Iranian power plants from the original deadline to April 6, stating in the announcement that “negotiations are progressing well.”

Since Trump threatened to “destroy all Iranian power plants within 48 hours” on Truth Social on March 23, the market has been on edge; the delay means the worst-case scenario has temporarily been put on hold.

However, diplomatic buffer does not equal resolution. The Strait of Hormuz carries about one-fifth of the world’s oil transport, and the global market has shown a general pullback over the past two days.

BTC falls below $68,000

Geopolitical conflict is directly impacting the cryptocurrency market. On March 27, it fell to around $67,600.

The market is currently awaiting the new deadline of April 6. If Iranian negotiations break down and Trump escalates threats again, the cryptocurrency market may face another wave of turbulence. If both sides achieve breakthroughs in negotiations, funds may flow back into risk assets.