Trump warns that Iran negotiations have run out of time, as Bitcoin drops back to $77k

On May 18, Bitcoin slid back to around $77,000. After U.S. President Trump spoke with Israeli Prime Minister Netanyahu on May 17, he issued a warning to Iran via Truth Social: “Time is running out. They’d better act quickly, or they’ll have nothing.” The same day, a generator outside the fence of the UAE Barakah nuclear power plant was hit by a drone. Saudi Arabia intercepted three drones entering from Iraq.

Stalemate in U.S.-Iran Talks: The Gap Between Demands Confirmed by Both Sides

The U.S.-Iran ceasefire went into effect on April 8, 2026, originally scheduled for two weeks, and has been extended multiple times.

U.S. demands: Iran removes about 400 kilograms of uranium close to weapon-grade, limits the number of nuclear facilities, and unconditionally reopens the Strait of Hormuz.

Iran’s demands: Fully lift sanctions, unfreeze all assets, pay war reparations, recognize influence over shipping through the Strait of Hormuz, and stop fighting on all fronts such as in Lebanon.

Trump has called Iran’s prior response “completely unacceptable.” Reports say Trump plans to convene a Situation Room meeting on Tuesday to assess various options, including potential military action. Under normal circumstances, the Strait of Hormuz handles 20% to 30% of global maritime oil trade; since the outbreak of the conflict in late February 2026, shipping volumes have fallen to a fraction of normal levels, and the U.S. gasoline average price has remained around $4.51 per gallon.

Performance of Major Cryptocurrencies and the HYPE Token

Bitcoin (BTC) was at $77,227, with an intraday low of $76,690. It fell about $5,400 from its recent high of $82,833. Ethereum (ETH) dropped 2.38% to $2,127; Solana fell 1.55% to $85.18; XRP fell 1% to $1.39; BNB fell 1.27% to $647; Dogecoin fell 0.74% to $0.1085.

HYPE token rose 8.36% against the trend to $45.39. The gain was driven by continued activity in Hyperliquid’s crude oil perpetual contract market amid the backdrop of the U.S.-Iran conflict, and the daily trading volume of WTI and Brent contracts has reached the tens of millions of dollars scale.

Hyperliquid Crude Oil Perpetual Contract Data (Sunday, 7:50 p.m. ET)

WTI Crude Oil (xyz:WTIOIL-USDC):

Trading price: $102.48; 24-hour trading volume: over $77.8 million; Open Interest (OI): over $158 million

Brent Crude Oil (xyz:BRENTOIL-USDC):

Trading price: $106.14; Open Interest (OI): over $324 million; combined OI of the two contracts: over $481 million

On May 15, Brent closed at $109.12 (+2.36%); WTI closed at $102.27. In Monday’s Asia session, Brent rose 1.24% to $110.62, and WTI rose 1.75% to $107.26.

Frequently Asked Questions

Why are Hyperliquid crude oil perpetual contracts attracting special attention in this conflict?

Hyperliquid’s crude oil perpetual contracts offer 24/7 trading, filling the gap left by traditional futures markets during abnormal trading hours. During the peak period of extreme market volatility triggered by the conflict, Hyperliquid’s oil contracts’ daily trading volume once exceeded $1 billion, becoming an important channel for institutions and retail traders to hedge geopolitical risks.

Why did Bitcoin fall as geopolitical tensions heated up instead of rising?

Bitcoin touched an intraday low of $76,690 on Sunday, closely overlapping with the timing of Trump’s warning to Iran. In an environment where geopolitical risk rises, investors typically turn to traditional safe-haven assets such as gold and oil rather than cryptocurrencies, putting short-term pressure on Bitcoin.

What is the Bitcoin toll mentioned by the Iranian Fars News Agency?

According to reports by the Iranian Fars News Agency, after partial restoration of limited passage through the Strait of Hormuz, cargo ships can use Bitcoin to pay a “safe passage insurance premium”—a toll mechanism set up for ships using the strait.