Bitcoin Price Tops $77K as Iran Reopens Strait of Hormuz

Bitcoin pushed past $77,000 on Friday after Iran’s foreign minister declared the Strait of Hormuz “completely open” to commercial shipping, sending oil sharply lower and pulling risk assets higher across the board. The largest cryptocurrency hit a two-month high near $78,000 in midday New York trading before easing back toward the upper $76,000s.

Foreign Minister Seyed Abbas Araghchi tied the reopening to a 10-day Israel-Hezbollah truce in Lebanon that began Thursday at 5 p.m. The waterway carries roughly 20% of the world’s oil shipments and had been effectively closed since the United States and Israel began striking Iran in late February.

How the Hormuz news pulled risk assets higher

Bitcoin climbed to $76,999 on Coinbase, up roughly 2.3% over 24 hours, with brief intraday prints near $78,000. Digital-asset treasury firms rallied with gains of as much as 20%. Equities followed: the S&P 500 rose 0.6% and the Nasdaq Composite jumped 1% at the opening bell, with both indexes printing fresh records.

The trigger was a post on X by Araghchi stating that “the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” with traffic moving along a route coordinated by Iran’s Ports and Maritime Organisation.

Crude markets reacted forcefully. West Texas Intermediate plunged about 12% to roughly $83 per barrel, the lowest level since the war began, while Brent slid more than 11% to about $88. Heating oil futures fell 13% and wholesale gasoline futures dropped 7%.

Trump praises the move, keeps the blockade in place

President Donald Trump welcomed the announcement on Truth Social, posting that “the Strait of IRAN is fully open and ready for full passage. Thank you!” Minutes later, he said the U.S. naval blockade of Iranian ports “will remain in full force” until a wider deal with Tehran is concluded.

European leaders backed the reopening with reservations. EU foreign-policy chief Kaja Kallas said any “pay-for-passage scheme will set a dangerous precedent for global maritime routes,” echoing concerns from a virtual summit hosted by U.K. Prime Minister Keir Starmer and French President Emmanuel Macron on shipping security.

What the price action says about positioning

Bitcoin spent much of February and March confined inside a $62,500-to-$75,000 range as war headlines weighed on risk appetite. Friday’s move took price into resistance near $77,000, a level CoinDesk analysts say must be cleared on a sustained basis to open a path back toward $80,000. The token still sits about 39% below its October 6, 2025 record high of $126,198.07.

Maritime intelligence firm Windward warned earlier this week that any reopening will hinge on observable change in shipping behavior, not statements alone. Shipping giant Maersk said it will continue to assess transit risk before resuming normal routing.

Dates to watch from April 17 to April 29

The two-week U.S.-Iran ceasefire is set to expire on Tuesday, April 21, with a second round of talks expected over the weekend. The Federal Open Market Committee meets on April 29 and is widely expected to hold rates at 3.5% to 3.75%. Iran’s Strait of Hormuz Management Plan, approved by parliament on March 30, remains in force, including its toll provisions.