BTC Up, Oil Down After Hormuz Strait Reopens

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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.


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