Bitcoin Falls Below $71,000 After Trump Announces Blockade of Strait of Hormuz

Odaily News: Due to a sharp escalation in geopolitical tensions, the price of Bitcoin rapidly declined. Following U.S. President Trump's announcement of a maritime blockade on the Strait of Hormuz, BTC once fell to around $70,900, marking a 24-hour drop of approximately 2.5%. Previously, U.S. Vice President J. D. Vance stated that U.S.-Iran negotiations failed to reach an agreement on extending the ceasefire, shifting market sentiment towards caution.

The price of Bitcoin quickly retreated from above $73,000, where it had held for most of Saturday, to around $71,500, and fell further after the blockade announcement. Analysis suggests that the situation in the Strait of Hormuz, a critical global energy transportation route, has significantly heightened market risk aversion, putting pressure on risk assets including crypto assets. (CoinDesk)