Bitcoin surged on April 17 after US President Donald Trump declared that the Strait of Hormuz was open again and the sea passage was restored.
In a Truth Social article, Trump wrote that Iran announced the street was “fully open and ready for full passage.” He added that the sea mines had been removed or were being removed with US assistance.
Earlier in the day, Trump again said that Chinese President Xi Jinping was “very happy” that the Strait of Hormuz was open or opening soon. He also said an upcoming meeting in China could be historic.
The market reacted quickly as Bitcoin hit a 10-week high above $78,000, hitting around $78,400 for the first time since February 4.
At the time of going to press, $BTC It is trading at $77,163 and is up 3% on the day. Over the past seven days, Bitcoin is up 6.37%. Ethereum rose 3% after the announcement and is up 5.88% in the weekly time frame.
Why markets have evolved so quickly
The Strait of Hormuz is one of the world’s most important oil shipping routes, carrying around a fifth of the world’s crude supply.
Any threats down the road can drive up oil prices and put pressure on global markets. Reopening the crossing reduces supply concerns and eases immediate stress on risk assets.
The rally also comes as Trump calls for more progress in negotiations with Iran. He said the two sides would work together to demine the strait.
Trump also said a permanent peace deal between the United States, Israel and Iran was “largely completed,” and that further talks were likely this weekend. He added that Iran had agreed to suspend its nuclear program indefinitely and would not receive frozen U.S. funds.
Conflicting signals remain
The rally came despite mixed responses from Tehran. Iranian lawmaker Mahmoud Nabavian rejected claims that the strait was entirely open.
He said Iran would continue to impose tolls on commercial shipping, and state-linked media outlets reportedly repeated that position.
There was also confusion over the money tied to any deal. Officials close to the negotiations said the United States had considered giving Iran access to $20 billion in frozen funds in exchange for uranium concessions. Trump later denied the proposition in a television interview.
Formal talks are still in the works, with reports indicating Pakistan could referee a new round as early as Monday. The expected U.S. team includes Vice President JD Vance, Steve Witkoff and Jared Kushner.
European leaders, including French President Emmanuel Macron and British Prime Minister Keir Starmer, have urged caution and said any progress must turn into a lasting deal before markets fully accept peace.
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