Bitcoin slips below $71,000 as Trump orders U.S. to join Iran in 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.
Updated Apr 12, 2026, 4:51 p.m. Published Apr 12, 2026, 1:46 p.m.
Crypto prices are under further pressure during U.S. morning hours on Sunday after President Trump announced a blockade of 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,” said the president in a social media post. Iran has already prevented most maritime traffic from transiting the strait since the U.S. launched airstrikes at the end of February.
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.
UPDATE (April 12, 2026, 16:51 UTC): Notes that Iran has already blockaded the strait.
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