Cryptocurrencies drop as US-Iran peace talks fail, Trump blocks Strait of Hormuz, raising market volatility.

Leading cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin fell sharply after US-Iran peace talks collapsed and President Trump announced plans to block ship traffic through the Strait of Hormuz. Bitcoin dropped below $71,000 with a surge in trading volume, while Ethereum fell under $2,200. Stock futures also declined, and oil prices surged over 8% due to geopolitical tensions. Analysts warn that ongoing instability could keep risk assets under pressure and anticipate possible Federal Reserve intervention to support the economy amid volatility.