Bitcoin fell below $71,000 after Trump announced the closure of the Strait of Hormuz.

According to Mars Finance, Bitcoin prices plummeted due to the escalating geopolitical situation. Following US President Trump's announcement of 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 US Vice President JD Vance's statement that US-Iran negotiations had failed to reach an agreement on extending the ceasefire, leading to a cautious market sentiment. Bitcoin prices quickly retreated from above $73,000, which had held for most of Saturday, to around $71,500, and further declined after the blockade announcement. Analysts believe that the changing situation in the Strait of Hormuz, a crucial global energy transport route, has significantly exacerbated market risk aversion, putting pressure on risk assets, including crypto assets.