Bitcoin rises, oil falls after Iran says Strait of Hormuz is open
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Bitcoin surged above $76,000 as oil futures fell 10% after Iran’s foreign minister declared the Strait of Hormuz open for the remainder of the ceasefire between the US, Israel and Iran.
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) briefly hit $77,037 on Friday following the news, rising around 1%, following a 5% weekly recovery, according to TradingView 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.
Investors who sold assets in March are now “rushing back into the market” while risk appetite is returning amid the signs of geopolitical deescalation, according to a Friday X post from The Kobeissi Letter, adding that the S&P 500 index added $7 trillion over the past three weeks.
Related: Tom Lee says ‘mini crypto winter’ is over, sees Ether above $60K
Adding to the positive news, Axios reported Friday that US officials were discussing a proposal to release as much as $20 billion in frozen Iranian funds in exchange for Iran giving up its stockpile of enriched uranium.
Axios said the proposal was part of a three-page framework being discussed as part of efforts to end the war.
Still, the US naval blockade will remain in “full force and effect” until the US’ transaction with Iran is “100% complete,” wrote President Trump in a Friday Truth Social post, adding that “most of the points are already negotiated.”
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Source: CoinTelegraph
