Bitcoin's value fell below $71,000 on Sunday, reacting to President Trump's order for the U.S. Navy to blockade the 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," the president stated.
This action follows the failure of U.S. and Iranian negotiators to reach a ceasefire agreement. Bitcoin had been trading above $73,000 before the announcement, pulling back to the $71,500 range after earlier comments from Vice President J.D. Vance, and has since fallen further.
