Bitcoin dips to $70.6K, oil rises after US announces Hormuz blockade
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US President Donald Trump said Iran did not want to compromise its nuclear weapons program, stating it was the only issue that “really mattered.”
Bitcoin fell as low as $70,623 on Sunday after the US announced a blockade of the Strait of Hormuz following failed peace talks with Iran.
The price of Bitcoin (BTC) initially fell 1.9% to $71,686 after US President Donald Trump confirmed the blockade in a post to Truth Social on Sunday, adding that peace talks collapsed because Iran refused to end its nuclear program — the only issue that “really mattered.”
Bitcoin dipped further to $70,623 as the US futures markets opened late on Sunday, with oil shooting up 9.5% to $105 per barrel within half an hour of the market open, with Bitcoin down 2.7% over the day at the time of writing.
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