PANews reported on April 12 that, according to Coindesk, U.S. President Trump announced on social media on Sunday morning that he had immediately ordered the U.S. Navy to block all ships entering and leaving the Strait of Hormuz, escalating geopolitical risks dramatically.

Previously, the US and Iran failed to reach an agreement on extending the ceasefire in Pakistan, with Vice President Vance signaling a breakdown in negotiations. Bitcoin held steady above $73,000 for most of Saturday, but a series of news events caused a rapid decline, briefly falling below $71,000, with the 24-hour drop widening to 2.5%, putting pressure on the overall cryptocurrency market.