Bitcoin approaches $80,000 after Strait of Hormuz opened to commercial traffic

Bitcoin climbed toward $80,000 after Iran stated the Strait of Hormuz was fully open to commercial traffic for the remainder of the ceasefire period. This eased pressure on one of the world's most important energy chokepoints and triggered a broader risk-on move across markets. The largest cryptocurrency rose roughly 5% on the news, reaching as high as $77,700, according to available pricing data. The move extended a week-long rebound. Bitcoin has recovered nearly 7% from below $70,000, reaching its strongest level since the early February crash. The rally triggered a sharp liquidation wave across leveraged crypto positions. Data showed approximately $243 million in liquidations over a single hour, with most losses concentrated among traders positioned for further downside. Bitcoin short traders alone lost more than $100 million during that period. Over a 24-hour timeframe, total liquidations exceeded $720 million. This ranks among the largest market wipeouts observed since mid-March. Iran opens Strait of Hormuz The advance coincided with a sudden shift in the macro backdrop. Iran declared the Strait of Hormuz completely open to commercial traffic during the ceasefire period. Foreign Minister Seyed Abbas Araghchi confirmed the decision publicly, stating that passage for all commercial vessels through the Strait of Hormuz was declared open in line with the ceasefire arrangement. We view this as a meaningful reduction in near-term geopolitical risk, though the situation remains fluid and contingent on the ceasefire holding. Traders should monitor whether the corridor stays open and how energy markets respond over the coming days.