The US, Russia and China together control over 65% of global Bitcoin hashrate, a reminder that mining power remains heavily concentrated even as local shocks push smaller markets up and down. Related Reading: Bitcoin Mood Sours To Levels Not Seen Since Late February In that mix, Iran has seen a sharp fall. Its hashrate dropped about 77% in the past quarter, to roughly 2 EH/s, after months of conflict and disruption. Iran’s Share Drops Fast According to a report from Hashrate Index, Iran lost about 7 EH/s quarter over quarter. The decline came during a period of rising tension with the US and Israel, with strikes and retaliation driving instability across the region. Even so, the pullback did not spread in the same way to nearby mining hubs. The United Arab Emirates and Oman were reported to have stayed stable. Source: Hashrate Index The report framed the change as a local hit rather than a network-wide threat. Global hashrate remained near 1,000 EH/s, which means the Bitcoin network kept working with little sign of strain. That is partly because no single region has enough mining power to threaten continuity on its own. When one place weakens, other places can absorb the load. Iran’s drop also comes with a large miner count behind it. The country is estimated to have about 427,000 active Bitcoin mining rigs. Those machines do not all run at the same efficiency, and many older units have been forced out as margins tighten. Price Pressure Hits Miners Everywhere The broader network has also been under pressure. The 30-day simple moving average for global hashrate fell from 1,066 EH/s in the first quarter to about 1,004 EH/s in the second quarter, a drop of 5.8%. The report linked that move to falling Bitcoin prices, not to energy costs or regulation. Bitcoin has fallen more than 45% from its record high of $126,000 set in October. That drop has pushed mining revenue lower and made hash prices hit record lows. At those levels, older machines with efficiency above 25 J/TH can run at a loss and get shut down. The report said about 252 EH/s of marginal capacity is now offline, with much of it tied to older hardware. Related Reading: Underdog Bitcoin Miner Bags $210,000 BTC In Stunning Block Discovery Redistribution, Not Collapse The story the numbers tell is simple. Mining does not stay fixed in one place for long. It moves toward cheaper power, better machines and higher margins. When those conditions fade, rigs are switched off or shipped elsewhere. That is what happened in this case, with Iran taking the biggest hit while the wider network kept moving. Featured image from Pexels, chart from TradingView
West Texas Intermediate crude has hit $115 a barrel, gasoline prices in the US are up nearly 40% since late February, and Bitcoin is still trying to break through a wall it has failed to climb six times now. That is the world Bitcoin finds itself in on Monday as it briefly touched $69,550 — a modest 3.30% gain that nevertheless sent shockwaves through the derivatives market. Related Reading: Bitcoin Stumbles Hard: The Worst Q1 In Years Raises Big Questions Short Sellers Take The Hardest Hit Over $276 million in leveraged positions were wiped out in 24 hours, hitting 80,200 traders across crypto derivatives platforms. The damage was not spread evenly. Bears took the brunt of it. According to CoinGlass data, short positions accounted for $188 million of the $210 million liquidated in just the 12-hour window around the price surge. Long liquidations, by comparison, came in at $24 million. Traders who had been betting on a continued decline were caught flat-footed as Bitcoin pushed back toward the $70,000 mark it has repeatedly failed to hold since early February. The asset remains well off its best levels. Bitcoin set an all-time high of $126,000 on October 6, 2025. At current prices, it is trading roughly 45% below that record — context that puts Monday’s rally in sharper perspective. A Squeeze Could Still Be Coming The positioning data tells an uneven story. Based on CoinGlass figures, more than $6 billion in short positions are stacked near $72,500. If Bitcoin pushes up to that level, those positions could be forced to close in rapid succession. On the downside, about $2 billion in long positions sit near $65,000 — a smaller but real risk if momentum fades. That gap between short and long exposure is what has some traders watching closely for a possible extended squeeze. Bitcoin has made six runs at $70,000 since slipping below it in early February. Each attempt has fallen short. Monday’s move is the latest test of that resistance, and it arrives against a backdrop that is anything but calm. Related Reading: Bitcoin ETFs Gaining Ground, Could Soon Surpass Gold—Analyst Energy Shock Adds Pressure On All Fronts A standoff over the Strait of Hormuz has been tightening its grip on global energy markets since late February. Iran has rejected ceasefire terms, insisting compensation for war-related damage must be addressed before the strait reopens. Oil prices have surged as a result. US gasoline costs are up sharply, and broader inflation fears have followed. US President Donald Trump has called for Iran to reopen the waterway, citing global trade concerns. Reports indicate he has also suggested a deal with Iran may be within reach, while warning of severe consequences if talks collapse — including potential US control over Iranian oil resources. Featured image from Unsplash, chart from TradingView
Crude oil climbed back above $100 a barrel and Bitcoin slipped as US President Donald Trump used a White House address to say the military campaign in Iran was close to wrapping up, while also warning that more strikes could come in the next two to three weeks. Related Reading: Bitcoin Ends 5-Month Losing Run — Real Reversal Or Just April Fool’s Hype? Markets Move First Bitcoin fell about 2% during the speech, and the price was later reported at $66,400, down from where it started the address. Oil moved the other way, with crude rising to $103.55 a barrel after easing earlier in the week. The reaction fits a familiar pattern. As conflict risk rises in the Middle East, traders often move away from assets seen as risky and into markets tied more directly to energy and supply shocks. In this case, crypto and oil were moving in opposite directions almost in real time. Trump told viewers that the US military was close to completing what he called its main goals. He also said Iran’s nuclear, naval and drone capabilities had been badly damaged, along with missile and weapons production sites. The speech did not calm markets for long. Oil had already been under pressure earlier in the week after Trump suggested the fighting could wind down within weeks, but the latest remarks pushed prices back up and revived concern that the conflict may last longer than hoped. Ceasefire Talk Meets New Threats Trump also said talks were continuing, but he paired that message with a harder line. According to the address, the US is demanding that Iran give up its nuclear program, open commercial shipping routes, and stop backing regional proxy groups. Iran’s demands were far broader. Reports note that Tehran is seeking a permanent end to the war, compensation for damage, and an end to the US military presence in the region. That gap between the two sides left little room for confidence. The White House speech suggested progress, but the warning of fresh strikes over the next few weeks kept the pressure on traders and helped explain why both oil and crypto moved sharply during the address. Related Reading: Bitcoin ETFs Pull In $56B As CEO Pitches Crypto Over Gold Strait Of Hormuz Remains In Focus The conflict has already rattled energy markets before. Tensions intensified in February after US and Israeli strikes on Iran, and Iran answered by blocking the Strait of Hormuz, a key route for global oil shipments. Trump said the blockade would lift naturally once the conflict ends, arguing that Iran would need to sell oil to rebuild its economy. He also said gas prices would come back down and stock prices would rise again. Featured image from jiss.org.il, chart from TradingView