Crypto prices are under renewed pressure on Sunday morning in the United States after President Trump announced a blockade of the Strait of Hormuz.
“Effective immediately, the United States Navy… will begin the process of blockading all vessels attempting to enter or exit the Strait of Hormuz,” the president said in a message on social media.
The president’s decision comes hours after Vice President JD Vance announced Saturday evening that U.S. and Iranian negotiators had not reached agreement on an extended ceasefire after lengthy weekend meetings in Pakistan.
Trading above $73,000 for most of Saturday, bitcoin quickly returned to the $71,500 zone following Vance’s comments. In the minutes following President Trump’s announcement of the blockade, BTC fell further to $70,900, a 2.5% decline over the past 24 hours.
