Crypto Market Reacts to Trump's Hormuz Blockade

The recent announcement by US President Trump to block the Strait of Hormuz has sent shockwaves through the cryptocurrency market.

Data from MarketWatch shows that the US dollar index has surged 0.33% in 24 hours, with a slight uptick to 98.98 at press time.

This surge is bearish for Bitcoin and Ethereum prices, as traders may turn to the USD as a safe haven and abandon risk assets.