Bitcoin fell below $71,000 Sunday as escalating geopolitical tensions around the Strait of Hormuz rattled markets.
President Trump announced on social media that “effective immediately, the United States Navy … will begin the process of blockading any and all ships trying to enter, or leave, the Strait of Hormuz.” The move came after Vice President J.D. Vance said late Saturday that negotiators from the U.S. and Iran had failed to secure an extended ceasefire following talks in Pakistan.
Iran had already been preventing most maritime traffic through the strait since U.S. airstrikes at the end of February, and the president’s announcement raised the prospect of U.S. involvement in the blockade. The prospect of a wider disruption to this crucial oil chokepoint pressured risk assets, including crypto.
Price action: Bitcoin traded above $73,000 for much of Saturday, slid to roughly $71,500 after the Vance comments, and dropped further after the president’s post to about $70,900 — roughly a 2.5% decline over the prior 24 hours.
UPDATE (April 12, 2026, 16:51 UTC): Iran has already been blockading the Strait of Hormuz.
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