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- Bitcoin jumped above $77,000 as investors returned to riskier assets after Iran said the Strait of Hormuz was fully opened during the ceasefire.
- Stocks rallied and oil fell sharply as the announcement eased fears of a potential disruption to one of the world’s most important energy sources.
Bitcoin pushed above $77,000 on Friday, joining a broader market rally after Iran said the Strait of Hormuz “remained open” to trade during the ceasefire.
The move was part of a wave of volatility in global markets. Iran’s Foreign Minister Abbas Araqchi he said in the letter X that all commercial ships can pass through the remaining channel, although they must follow a route coordinated by the Iranian authorities. This was urgently needed because nearly a fifth of the world’s oil flows through Hormuz, and fears of a long-term disruption had been weighing on markets for weeks.
Oil goes down as markets take a big hit
A clear response came with force. Reuters report that Brent crude was down about 9% to about $90 a barrel, while US crude was down about 10% to about $81.5. This change removed a large part of the inflationary pressure and the traders were worried.
Equities responded quickly. Europe’s STOXX 600 rose 1.3%, while S&P futures were up 0.9% before the US open. After the session, Wall Street indexes rose sharply, with the Dow rising more than 550 points, the S&P 500 gaining 0.78% and the Nasdaq adding 1.05%.
Bitcoin is associated with increased risk
Bitcoin moving is the same change in thought. His points were straightforward. If oil pressure eases and geopolitical risk appears less, traders are ready to return to high beta assets, and crypto is often at the forefront of the trade. This does not mean that the conflict has been resolved. Reuters noted that the ceasefire is based on a 10-day agreement and many diplomatic issues have not been resolved.
However, markets were not expecting absolute certainty. Meanwhile, the reopening of Hormuz was enough to revive the risk, pushing stocks to new highs and pushing Bitcoin back into the risk zone.
