According to ChainCatcher, Bitcoin prices plummeted due to the escalating geopolitical situation. After US President Trump announced a maritime blockade of the Strait of Hormuz, BTC briefly fell to around $70,900, a 24-hour drop of approximately 2.5%. This followed comments from US Vice President JD Vance stating that US-Iran negotiations had failed to reach an agreement on extending the ceasefire, leading to a more cautious market sentiment.
Bitcoin prices quickly retreated from above $73,000, which they held for most of Saturday, to around $71,500, and further declined after the news of the lockdown was announced. Analysts believe that the changing situation in the Strait of Hormuz, a key global energy transport route, has significantly exacerbated market risk aversion, putting pressure on risk assets, including crypto assets.
