Beaten-down digital asset treasury names lead crypto stock surge as bitcoin hits $78,000
Crypto stocks rise sharply with Bitcoin reaching $78,000 amid positive news on Iran.
CoinDesk1 min read
Bitcoin rises, oil falls after Iran says Strait of Hormuz is open
TL;DR
Iran announced the Strait of Hormuz is open for commercial vessels during the ceasefire, causing Bitcoin to rise above $76,210 and Brent crude oil to drop to around $85 per barrel.
Key points
- Iran's foreign minister announced the Strait of Hormuz is open
- Bitcoin rose above $76,210 after the announcement
- Brent crude oil prices fell to around $85 per barrel
Mentioned in this story
IranSeyed Abbas AraghchiDonald Trump
Strait of HormuzBrent crude oil
Iran’s foreign minister said Friday that the Strait of Hormuz is open to commercial vessel traffic for the remainder of the current ceasefire, prompting quick market reactions.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” said Iranian Foreign Minister Seyed Abbas Araghchi in a Friday X post.
US President Donald Trump confirmed the opening of the passage in a Friday post on Truth Social.
Bitcoin (BTC) rose above $76,210 on Friday following the news, rising around 1%, following a 5% weekly recovery, according to CoinMarketCap data.
Brent crude oil futures sank to around $85 per barrel, falling 10% on the news, according to Tradingeconomics data.
Easing geopolitical tensions may bring more risk appetite among crypto investors. However, the two-week ceasefire between the US, Israel and Iran is set to expire on April 22, with the threat of renewed escalation continuing to weigh on market sentiment.
Source: Seyed Abbas Araghchi
This is a developing story, and further information will be added as it becomes available.
Q&A
What did Iran's foreign minister say about the Strait of Hormuz?
Iran's foreign minister declared that the Strait of Hormuz is open to commercial vessel traffic for the duration of the current ceasefire.
How did the opening of the Strait of Hormuz affect Bitcoin and oil prices?
Following the announcement, Bitcoin rose to over $76,210, while Brent crude oil prices fell by 10% to around $85 per barrel.
What is the significance of the ceasefire in Lebanon related to the Strait of Hormuz?
The ceasefire in Lebanon is linked to the opening of the Strait of Hormuz, allowing for unrestricted commercial vessel traffic during this period.
