Bitcoin Slips Below $71,000 Amid Strait of Hormuz Blockade

The global cryptocurrency market has experienced a downturn due to a recent development in international politics. President Trump's order to blockade the Strait of Hormuz has had a ripple effect on crypto prices.

Bitcoin, which traded above $73,000 for most of Saturday, quickly pulled back to the $71,500 area following the failed ceasefire talks between US and Iranian negotiators in Pakistan. The price continued to drop further after President Trump's announcement, reaching $70,900 within minutes.