Bitcoin slips below $71,000 as Trump orders blockade of Strait of Hormuz
“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,” said the president in a social media post.
The president’s move came hours after Vice President J.D. Vance late Saturday announced that U.S. and Iranian negotiators had failed to agree to an extended ceasefire after long weekend meetings in Pakistan.
Trading above $73,000 for most of Saturday, bitcoin quickly pulled back to the $71,500 area following the Vance comments. In the minutes since President Trump announced the blockade, BTC has slid further to $70,900, now lower by 2.5% over the past 24 hours.
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Key factors, such as ETF flows, macro factors and on-chain supply favor a rally in bitcoin even as war risks linger.
What to know:
- Despite a brief pullback tied to renewed geopolitical tensions, analysts say strong institutional inflows and technical signals are positioning bitcoin for a potential move toward $88,000 and beyond.
- Heavy buying by major holders such as Strategy and robust net inflows into U.S. spot bitcoin ETFs, alongside rising Coinbase premiums and…
