Reopening of the Strait of Hormuz boosts the crypto market: bitcoin surpasses $77,000, leading altcoins rise simultaneously

Odaily reported that against the backdrop of easing tensions in the Middle East, Iran announced that the Strait of Hormuz is “fully open” during the ceasefire, leading to a rally in global risk assets.

Boosted by this news, Bitcoin briefly surged past $77,000, marking a nearly two-month high with a 24-hour increase of about 5%. Major altcoins rose in tandem, with Ethereum, XRP, and Solana all registering gains of around 6%.

Iranian Foreign Minister Seyed Abbas Araghchi stated that during the ceasefire with Lebanon, all commercial vessels may pass through the strait, but must follow “coordinated routes” specified by Iran. The strait handles approximately 20% of global oil shipments and is a key energy passageway.

In traditional markets, both the SP 500 and Nasdaq Composite hit record highs simultaneously, indicating a significant rebound in risk appetite.

US President Trump also posted on social media saying “the Strait of Hormuz has reopened for commercial activity,” but emphasized that until the US-Iran agreement is fully implemented, Iranian ships may still face blockade measures. (Decrypt)