TLDR
- Bitcoin fell to $70,900, down 2.5% in 24 hours, after Trump announced a U.S. Navy blockade of the Strait of Hormuz
- U.S. stock futures dropped Monday, with Dow futures falling around 0.6%, S&P 500 futures down 0.7%, and Nasdaq futures off 0.8%
- Weekend peace talks between the U.S. and Iran in Islamabad broke down without a ceasefire agreement
- Oil prices surged sharply, with WTI crude jumping over 8% to above $104 per barrel
- Major U.S. bank earnings kick off this week, starting with Goldman Sachs on Monday
Bitcoin was trading above $73,000 for most of Saturday before selling off. The drop began after Vice President JD Vance confirmed late Saturday that U.S.-Iran ceasefire talks in Pakistan had failed.
Then, on Sunday, President Trump posted on Truth Social that the U.S. Navy would begin “blockading any and all ships trying to enter, or leave, the Strait of Hormuz.” Bitcoin fell further after that announcement, sliding to $70,900.
BREAKING: President Trump is looking at resuming "limited military strikes" in Iran in addition to the US blockade of the Strait of Hormuz, per WSJ.
Details include:
1. Trump could also resume a full-fledged bombing campaign, though officials said that was less likely
2. Trump…
— The Kobeissi Letter (@KobeissiLetter) April 12, 2026
Over the past 24 hours, Bitcoin is down 2.5%.
Iran had already been restricting maritime traffic through the strait since U.S. airstrikes at the end of February. The U.S. blockade announcement marks a sharp escalation in tensions.
U.S. stock futures fell Monday morning in response to the news. Dow Jones futures dropped around 0.6%, pointing to a loss of more than 580 points at the open. S&P 500 futures were down 0.7% and Nasdaq 100 futures fell 0.8%.
This follows a strong week for stocks. Last week, hope around a temporary ceasefire had pushed markets higher. The S&P 500 gained about 3.6%, the Nasdaq rose nearly 4.7%, and the Dow added 3%. It was their best weekly performance since November.
Oil Prices Spike on Hormuz Blockade News
Oil markets reacted sharply. West Texas Intermediate crude surged more than 8% to above $104 per barrel. Brent crude rose 7.5%. The Strait of Hormuz is one of the world’s most important shipping lanes for oil.
The Islamabad talks reportedly broke down over more than just a ceasefire. Disputes included demands around control of the strait, financial reparations, and an end to Israeli attacks in Lebanon.
Neither side reached an agreement before officials departed. Vice President Vance was among the American negotiators present.
Bank Earnings Season Begins
Markets will also be watching the start of first-quarter earnings season this week. Goldman Sachs is first to report on Monday.
Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Morgan Stanley are all set to report later in the week.
Investor attention will be split between the geopolitical situation and what the big banks report about the state of the economy.
As of Sunday evening, Bitcoin was holding near $70,900. Stock futures continued to point to a lower open on Monday morning.
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