Cryptocurrencies Plunge in Unison, Triggering Over 110,000 Liquidations; Iran Responds to Trump: Blockade Cannot "Open" Strait of Hormuz

Mid-East tensions showed no signs of easing, leading to a broad-based sell-off in cryptocurrencies on the afternoon of April 12.

As of 6:00 PM, Bitcoin was trading at $71,519 per coin, down 1.82% for the day. Ethereum, Solana, and Dogecoin also fell in sync. According to data from CoinGlass, a total of 112,613 traders globally faced liquidations in the past 24 hours.

During talks with the U.S., Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated on the 12th that the Iranian delegation put forward a series of forward-looking proposals, but the U.S. side ultimately failed to gain Iran's trust.

U.S. President Donald Trump shared an article on social media on the 12th discussing a potential "naval blockade" of Iran. In response, the Iranian Embassy in Austria replied that a blockade cannot "open" the Strait of Hormuz.

The embassy posted on social media: "A simple note for those concerned: a blockade is a blockade. It cannot 'open' the Strait of Hormuz—it restricts it. The only way out of this self-made predicament is through openness and flexibility in negotiations. Follow reason."

Separately, Ali Akbar Velayati, foreign affairs advisor to Iran's Supreme Leader, stated on his personal social media account on the 12th that Iran's foreign policy has always adhered to the principle of "protecting our homeland." He emphasized that control over the Strait of Hormuz remains firmly in Iran's hands.

U.S.-Iran negotiations concluded without agreement on April 12. Earlier, on the evening of April 11, Israeli Prime Minister Benjamin Netanyahu preemptively claimed that Israel had "destroyed" Iran's nuclear and missile programs, asserted that Iran was "asking for a ceasefire," and stressed that "military operations are not over." Regarding Lebanon, Netanyahu expressed willingness to engage in direct talks with the Lebanese government, but only on the condition that Hezbollah is disarmed. Israeli media viewed this "victory narrative" as overtly political propaganda, aimed domestically at countering anti-war sentiment and protests, and externally at signaling to the U.S. that gains achieved through military means should not be diluted by diplomatic negotiations or allow Iran any breathing room. Regardless, Israel intends to maintain military pressure.