Cryptocurrency prices are under further pressure during US 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 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 Saturday night that U.S. and Iranian negotiators had failed to agree on an extended ceasefire after lengthy weekend meetings in Pakistan.
Trading above $73,000 for most of Saturday, bitcoin quickly retreated to the $71,500 area following Vance’s comments. In the minutes since President Trump announced the lockdown, BTC has fallen further to $70,900, now down 2.5% over the past 24 hours.
