The price of bitcoin has again pushed above $76,000 along with a roughly 10% drop in the price of crude oil on an apparent reopening of the Strait of Hormuz.
“The passage for all commercial vessels through the Strait of Hormuz has been declared completely open for the remaining period of the ceasefire,” Iranian Foreign Minister Seyed Abbas Araghchi said in an X post.
President Trump quickly responded to Truth Social, thanking Iran for the full reopening.
The news sent the price of WTI crude down nearly 10% to $85.90 a barrel, around its lowest price since shortly after the war broke out in early March.
Alongside, bitcoin has risen to $76,400, up 3 over the past 24 hours. U.S. stock index futures are higher by about 1% across the board.
Why the $76,000 area is important
Bitcoin traded around the $76,000-$78,000 level in the days before the February 5 crash that sent the price tumbling all the way back to $60,000. In recent days, BTC has risen above $76,000 on several occasions, only to be met with a wave of rapid selling.
Technicians believe that a sustained break at around $77,000 could set the stage for a return to significantly higher levels.
More green shots over Iran
Separately, Axios reported that the US and Iran are negotiating a three-pronged plan to end hostilities. Among the talking points: the United States is releasing $20 billion in frozen Iranian funds in exchange for that country giving up its stockpile of enriched uranium.
