In the early morning hours of Sunday in the United States, cryptocurrency prices faced additional downward pressure following President Trump’s declaration to blockade the Strait of Hormuz.
“Effective immediately, the United States Navy will initiate blocking any vessels attempting to enter or exit the Strait of Hormuz,” stated the president in a social media post.
This announcement was made just hours after Vice President J.D. Vance revealed late on Saturday that U.S. and Iranian negotiators had been unable to agree on an extended ceasefire following intensive weekend discussions in Pakistan.
Bitcoin, which had traded above $73,000 for most of Saturday, quickly retreated to the $71,500 area subsequent to the remarks by Vance. Following President Trump’s blockade announcement, BTC declined further to $70,900, marking a 2.5% decrease over the past 24 hours.