Update (4.17.26 6:43 PM UTC): This article has been updated to reflect updated BTC prices and rally data.
Iran’s foreign minister said Friday 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,” Iranian Foreign Minister Seyed Abbas Araghchi wrote in a Friday X post. U.S. President Donald Trump also confirmed the opening in a Truth Social post.
Following the news, Bitcoin (BTC) surged past $77,000, rising more than 3.7% over 24 hours and recovering about 5% for the week, according to CoinMarketCap and TradingView data. At the same time, Brent crude futures fell roughly 10%, trading near $85 per barrel, according to TradingEconomics.
Easing geopolitical tensions may be restoring risk appetite among crypto investors, though the two-week ceasefire between the U.S., Israel and Iran is set to expire on April 22, leaving the possibility of renewed escalation. The Kobeissi Letter said investors who sold in March are “rushing back into the market,” noting the S&P 500 has gained significant value over the past three weeks.
Axios reported Friday that U.S. officials were discussing a proposal to release as much as $20 billion in frozen Iranian funds in exchange for Iran surrendering its stockpile of enriched uranium, part of a three-page framework being discussed to help end the war. President Trump, however, said the U.S. naval blockade will remain “in full force and effect” until the U.S. transaction with Iran is “100% complete,” adding that “most of the points are already negotiated.”
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