Crypto slide precedes market sell-off after US-Iran talks fail

Bitcoin fell sharply from near $74,000 to an intraday low of about $70,570 on Sunday after roughly 21 hours of talks in Islamabad ended without an agreement, Vice President J.D. Vance confirmed.

U.S. Central Command announced a naval blockade, ordering a halt to “all maritime traffic entering and exiting Iranian ports” starting April 13 at 10 a.m. ET.

Cryptocurrency declines on Sunday preceded broader losses across markets on Monday. Total crypto market capitalization fell about 1.8% intraday, and market data showed a 2.68% decline over the previous 24 hours.

At the time of reporting, Bitcoin traded near $71,125 and Ether was about $2,204.

U.S. stock futures opened lower on Monday: S&P 500 and Dow futures were down roughly 1% and Nasdaq 100 futures were about 1.3% lower before the cash open.

Gold fell about 0.75% and silver declined more than 2% in early Asian trading hours.

Energy prices rose sharply. U.S. crude oil jumped more than 10% above $105 per barrel, Brent crude increased about 8%, wholesale gasoline rose about 6% and heating oil climbed roughly 9.3%.

A two-week ceasefire is due to expire on April 22.

Traders and market participants pointed to the breakdown in talks and the CENTCOM blockade as factors behind the risk-off moves across crypto, equities, metals and energy.

Markets are monitoring statements from U.S. and Iranian officials and any changes to shipping or sanctions policies for further developments.