Bitcoin Falls Below $64K as US and Israel Discuss Land Blockade on Iran
Highlights
- Bitcoin slipped below $64K as oil price jumped sharply above $85 per barrel today.
- The comes as the US and Israel are considering a potential land blockade of Iran.
- Iran continues to target oil tankers in the Strait of Hormuz, keeping traffic low.
Bitcoin slipped below $64K on Friday, falling more than 1% in a few hours amid a sudden spike in oil prices. The selling pressure comes as the US and Israel started considering a potential land blockade of Iran to intensify economic pressure amid recent escalations in the US-Iran war.
US and Israel Consider Land Blockade on Iran
The U.S. and Israel are discussing the possibility of imposing a land blockade on Iran to increase economic pressure after military actions failed to force Iran to negotiate, The Telegraph reported on July 31.
The proposal would involve diplomatic pushes on neighboring countries such as Iraq, Pakistan, Turkey, Turkmenistan, Afghanistan, Armenia, and Azerbaijan to restrict or close border crossings. This would also require limiting Iran’s imports and exports.
The idea comes after recent discussions between US President Donald Trump and Israel’s Prime Minister Benjamin Netanyahu on both military and non-military options amid a naval blockade.
Meanwhile, Iran strikes two oil tankers attempting to cross the Strait of Hormuz. The IRGC claimed, “the targeted tankers did not respond to Iranian warnings.” Iranian armed forces: “The Strait of Hormuz is CLOSED, and any passage will be possible only in coordination with Iranian naval forces.
While the US and Israel seek ways to block Iran, IRGC-backed Yemeni Houthis and Iraq-based PMF military could increase challenges. Meanwhile, Saudi Arabia is reportedly preparing a major offensive against the Houthis by sea and possibly by land.
Earlier today, President Trump announced Hamas agreed to completely disarm itself and Gaza will be “in the hands of a new Palestinian government that serves its people.”
— Rapid Response 47 (@RapidResponse47) July 30, 2026
Bitcoin Tumbles Below $64K
Bitcoin plunges as oil prices surged above $85 per barrel again amid escalating US-Iran war as Israel and the US weigh a land blockade on Iran. Inflation concerns are rising despite US PCE inflation cooling to 3.7%.
Meanwhile, the US dollar index (DXY) jumped back to 100.34, causing selling pressure on Bitcoin. Also, the 10Y Treasury yield rebounded to 4.684% to hit almost an 18-month high.
Bitcoin price fell 2% over the past 24 hours, currently trading at $63,677 amid escalating tensions in the Middle East. The 24-hour low and high are $63,549 and $65,328, respectively.
Trading volume has decreased further by 15% amid Bitcoin options expiry, indicating traders remain cautious. Total Bitcoin futures open interest dropped by 3% to $47.66 billion in the past 24 hours.
To navigate these volatile hedging conditions, active traders are increasingly relying on the best crypto futures trading platforms to manage their perpetual contract positions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Will Bitcoin reach $250,000 by December 31, 2026?
