Bitcoin (BTC) Surges Past $78K as Iran Reopens Hormuz Strait Amid Peace Talks
Bitcoin surged past $78,000 following Iran's announcement that the Strait of Hormuz is open to commercial shipping during a ceasefire. The price increase coincided with a 10% drop in crude oil prices and positive inflows into US-based Bitcoin ETFs.
Bitcoin climbed above $78,000 for the first time in over two months after Iran's Foreign Minister announced that the Strait of Hormuz is open to commercial shipping. The announcement led to a 10% drop in crude oil prices to around $85 per barrel. US-based spot Bitcoin ETFs accumulated $664 million in net capital on April 17, marking four consecutive days of positive inflows. BlackRock's iShares Bitcoin Trust has accumulated $1.34 billion worth of Bitcoin over eight trading sessions. The development coincides with major financial institutions, such as Goldman Sachs and Morgan Stanley, entering the cryptocurrency market. The current ceasefire agreement is set to conclude on April 22, leaving geopolitical risks uncertain.
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