Bitcoin Plunges Below $71,000 Amid Global Tensions

Bitcoin prices have taken a hit following President Trump's surprise announcement of a blockade on the Strait of Hormuz. The move has sparked concerns about global economic stability and the impact on the cryptocurrency market.

The blockade was announced by President Trump via social media, stating that 'effective immediately' the United States Navy would begin the process of blockading any ships entering or leaving the Strait of Hormuz.

Bitcoin had been trading above $73,000 before the announcement but quickly fell to $70,900 within minutes. The cryptocurrency has now slid 2.5% over the past 24 hours.