Bitcoin erases weekend gains as US-Iran ceasefire falls under pressure

Bitcoin briefly crashed below $74,000 on Sunday as Iran threatened retaliation for a US military seizure of an Iranian cargo ship.

Bitcoin erased its weekend gains as it fell below $74,000 on Sunday after the US military seized an Iranian cargo ship, putting pressure on a ceasefire between the two countries. 

Bitcoin (BTC) had soared above $78,300 late Friday on Coinbase, its highest price since early February, but dropped to between $75,000 and $76,000 over Saturday and early Sunday after Iran said Saturday it would close vital oil routes in the Strait of Hormuz.

The cryptocurrency then sank sharply late on Sunday to briefly trade below $74,000 after the US military said it opened fire on, and later seized, an Iranian cargo ship it claimed tried to run its blockade of Iranian ports, with Tehran accusing the US of violating an agreed ceasefire. 

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