Bitcoin Price Weakens to 68,784.76, Impact of Trump's Ultimatum to Iran Regarding the Strait of Hormuz?

JAKARTA, KOMPAS.com - Bitcoin’s price is once again under pressure, falling to the level of 68,784 US dollars in the latest trading on Monday (23/3/2026). Citing data from CoinMarketCap, over the past 24 hours of trading, Bitcoin recorded a 0.57 percent weakening and moved fluctuantly. The price had previously been at a higher position of 69,196.49. The crypto derivatives market shows a high level of vigilance alongside a surge in hedging demand against potential Bitcoin price declines. Amid global geopolitical pressures, investors tend to take defensive positions even as prices begin to show signs of stabilisation. Quoted from CoinDesk on Sunday (22/3/2026), the latest report from investment management firm VanEck shows that Bitcoin options market participants are now paying very high prices for protection from downside risk, signalling extreme fear sentiment among investors. Over the past 30 days, crypto investors have poured around 685 million US dollars into buying put options. In contrast, premiums for call options have fallen by about 12 percent to 562 million US dollars. The firm assesses that this surge in demand for risk protection reflects investors’ defensive stance, although Bitcoin’s spot price is beginning to show signs of stabilisation. “Compared to spot volume, put premiums have reached an all-time high,” wrote a senior VanEck analyst in the report. On the other hand, Bitcoin’s realised volatility has actually shown a decline, from around 80 to just above 50 in recent weeks. Futures funding rates have also dropped to 2.7 percent from a previous 4.1 percent. Although transaction activity on the Bitcoin blockchain network remains relatively weak, selling pressure from miners is considered to remain under control. Interestingly, VanEck found that in the past six years, periods when options indicators show extreme fear have often been followed by Bitcoin price increases. Historically, Bitcoin’s price has averaged around 13 percent gains within 90 days after such signals appear, and even surged up to 133 percent over a 360-day horizon. This finding indicates that surges in hedging demand do not always signal further declines, but can reflect the final phase of market pressure before a recovery occurs. Furthermore, Bitcoin’s price reportedly fell below 69,200 US dollars after US President Donald Trump issued a 48-hour ultimatum to Iran regarding the reopening of the Strait of Hormuz.