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Bitcoin drops below $71,000 as Mr. Trump orders the blockade of the Strait of Hormuz.
Cryptocurrency prices continue to face pressure during Sunday morning trading hours in the U.S. after President Trump announced the blockade of the Strait of Hormuz.
"Effective immediately, the U.S. Navy... will begin the process of blocking any and all ships attempting to enter or leave the Strait of Hormuz," the president announced in a social media post.
The president's move comes a few hours after Vice President JD Vance stated on Saturday evening that U.S. and Iranian negotiators had not reached an agreement on a prolonged ceasefire after extended talks over the weekend in Pakistan.
Trading above $73,000 for most of Saturday, Bitcoin quickly dropped to the $71,500 range following Vance's comments. Just minutes after President Trump announced the blockade, BTC continued to slide down to $70,900, down 2.5% in the past 24 hours.