Bitcoin extended its losses on Sunday morning President Donald Trump said that the US will move to close the Strait of Hormuz after talks with Iran failed to reach an agreement on Tehran’s nuclear program.
In a words on Truth Social, Trump said recent talks with Iranian officials, led by Vice President JD Vance, ended without an agreement on Tehran’s nuclear program, which he described as “the only important point.” He also said that Iran should not be allowed to develop nuclear weapons.
Trump said that, despite progress on some issues, Iran remained “recalcitrant” to its nuclear ambitions.
The threat of a naval blockade in the Strait of Hormuz
The US Navy will “start BLOCKADING” ships entering and exiting the Strait of Hormuz, according to Trump.
The US president said this was against Iran’s “capture”, saying that shipping has been put at risk by the possibility of naval mines and other disruptions.
Trump added that allied nations would participate in the project and that ships paying “illegal payments” to Iran could be intercepted in international waters.
Alerts are being raised for the military
In the statement, Trump also warned that the US military will take strong action against any threats to the deployment.
He also said that the US Navy has moved to reduce the mines it claims in the waterway and warned that any attack on American or civilian ships would be met with great force.
Trump said Iran’s military capabilities had been severely reduced, saying its naval, air defense, and radar systems were no longer operational.
On-chain data shows that the world’s largest crypto asset fell below $71,000 following Trump’s later comments. drain about $2,000 in value.
BTC was trading close to $71,000 at press time and continues to face challenges as traders test whether the decline reflects a deeper correction amid geopolitical concerns.
Altcoins also fell, with Ethereum dropping below $2,200, while the total crypto market capitalization slipped almost 2%, falling below $2.5 trillion.
