Bitcoin and XRP Price as Iran Opens Strait Of Hormuz
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Bitcoin and XRP prices surged after Iran announced the reopening of the Strait of Hormuz, easing geopolitical tensions and boosting risk appetite in the crypto market. The global crypto market capitalization rose to nearly $2.77 trillion as institutional demand increased.
Iran's announcement that the Strait of Hormuz is open to commercial shipping has led to a surge in Bitcoin and XRP prices. The global crypto market capitalization rose 3.79% to nearly $2.77 trillion. Bitcoin's price climbed 4.97% to $77,884, while XRP broke above $1.48. The development is linked to a ceasefire between Israel and Hezbollah in Lebanon. The US is considering releasing $20 billion in Iranian funds and taking possession of Iran's enriched uranium stockpile. Bitcoin spot ETFs saw a net inflow of $26.05 million, continuing a three-day streak. The crypto market's rally is attributed to eased geopolitical tensions and increased institutional demand.
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