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