Trump orders the closure of the Strait of Hormuz, causing Bitcoin to briefly plunge below $71,000.

CoinFeed reported on April 12th that, according to Coindesk, US President Trump announced on social media on Sunday morning that he had immediately ordered the US Navy to block all ships entering and leaving the Strait of Hormuz, escalating geopolitical risks sharply. This followed the failure of the US-Iran ceasefire negotiations in Pakistan to reach an agreement, with Vice President Vance having already signaled a breakdown in the talks. Bitcoin, which had mostly held above $73,000 on Saturday, quickly fell below $71,000 due to the series of shocks, with a 24-hour drop widening to 2.5%, putting pressure on the overall cryptocurrency market.