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Bitcoin deepened its losses on Sunday morning after President Donald Trump stated that the US would move to impose a naval blockade of the Strait of Hormuz after diplomacy talks with Iran failed to produce an agreement over Tehran’s nuclear program.
In a statement on Truth Social, Trump said recent negotiations with Iranian officials, led by Vice President JD Vance ended without agreement on Tehran’s nuclear program, which he described as the “only point that really mattered.” He reiterated his position that Iran must not be allowed to develop nuclear weapons.
Trump claimed that, despite progress on other issues, Iran remained “unyielding” to its nuclear ambitions.
Threat of naval blockade in Strait of Hormuz
The US Navy will “begin the process of BLOCKADING” ships entering and leaving the Strait of Hormuz, according to Trump.
The US president said the measure was intended to counter “extortion” by Iran, alleging that shipping has been endangered by the possibility of naval mines and other disruptions.
Trump added that allied nations would be involved in the effort and that vessels allegedly paying “illegal tolls” to Iran could be intercepted in international waters.
Military escalation warnings
In the statement, Trump also warned that US forces would take aggressive action against any threats to shipping.
He said US naval forces would move to neutralize alleged mines in the waterway and warned that any attacks on American or civilian vessels would be met with overwhelming force.
Trump asserted that Iran’s military capacity had been largely degraded, claiming its navy, air defenses, and radar systems were no longer functional.
On-chain data shows that the largest crypto asset dropped below $71,000 following Trump’s statements after shedding around $2,000 in value.
BTC was trading near $71,000 at press time and continues to face pressure as traders weigh whether the decline signals a deeper correction amid renewed geopolitical concerns.
Altcoins also fell, with Ethereum dropping below $2,200, while the total crypto market capitalization slipped nearly 2%, falling under $2.5 trillion.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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