Crypto prices are under further pressure during U.S. morning hours on Sunday after President Trump announced a blockade of the Strait of Hormuz.
“Effective immediately, the United States Navy … will begin the process of blockading any and all ships trying to enter, or leave, the Strait of Hormuz,” said the president in a social media post.
The president’s move came hours after Vice President J.D. Vance late Saturday announced that U.S. and Iranian negotiators had failed to agree to an extended ceasefire after long weekend meetings in Pakistan.
Trading above $73,000 for most of Saturday, bitcoin quickly pulled back to the $71,500 area following the Vance comments. In the minutes since President Trump announced the blockade, BTC has slid further to $70,900, now lower by 2.5% over the past 24 hours.