Bitcoin fell below $78,000, wiping out more than $80 billion in cryptocurrency market value over two days.

On May 16, blockchain outlet BeInCrypto reported that bitcoin traded around $77,947. It said liquidations over the past 24 hours totaled $620 million, with a large share coming from leveraged long positions.

The drop followed a midweek correction. After the Senate Banking Committee passed the Clarity bill 15 to 9 on May 14, bitcoin briefly rose above $82,000. But funds that had priced in expectations of regulatory progress moved to take profits after the vote, giving up the gains.

Expectations that the U.S.-China summit would include talks on easing tariffs also faded. After U.S. President Donald Trump (도널드 트럼프) said there had been no such discussions, U.S. stocks and cryptocurrencies weakened together. Exchange indicators showed more than $469 million of liquidations over the past 24 hours were long positions.

Iran’s plan to impose transit fees in the Strait of Hormuz also added pressure across risk assets. The strait is a strategic chokepoint through which about a fifth of global seaborne crude oil volumes pass. Ebrahim Azizi (에브라힘 아지지) said a system had been set up to manage traffic on designated routes, and that only merchant ships and parties cooperating with Iran could receive benefits. He also said fees would be collected for specialized services provided under the system.

Chinese, Japanese and Pakistani vessels are already known to have passed through the strait under Iranian approval. Some European shipping companies are also seeking similar permission. Miad Maleki (미아드 말레키) said, citing Vortexa data, that Iranian crude exports have fallen by more than 80 percent since mid-March. He added that fuel rationing has lengthened lines at gas stations and expanded the gasoline black market.

Not all traders are blaming the drop only on the news. Ivan on Tech (이반 온 테크) claimed bitcoin has kept a weak weekly trend since October last year. On prediction market Kalshi, the probability that bitcoin will fall below $75,000 by the end of this month was priced at 60 percent. Mario Nawfal (마리오 나우팔) pointed out that Iran’s transit-fee plan could amount to a claim of sovereignty over international waters, making it likely that other governments will not recognize it.