Bitcoin moved toward $80,000 after Iran confirmed the Strait of Hormuz would remain open to commercial traffic for the duration of the ceasefire. The announcement reduced tension around a critical energy transit route and contributed to broader risk appetite across markets. The leading cryptocurrency gained roughly 5% on the update.
Bitcoin pushed toward $80,000 after Iran stated the Strait of Hormuz was fully accessible to commercial traffic for the remainder of the ceasefire window. This relieved some of the pressure on one of the world's most significant energy chokepoints and prompted a wider risk-on response across financial markets. The largest cryptocurrency climbed about 5% to approximately $77,700, based on available pricing data. The advance extended a weeklong recovery that has brought Bitcoin nearly 7% higher from levels below $70,000, reaching its strongest point since the early February selloff. #1 Bitcoin BTC $77,698.27 +5.64% Market Cap $1.56T 24h Volume $49.37B All-Time High $126,198.07 Sectors Coin Layer 1 PoW The rally triggered a notable liquidation event across leveraged crypto positions. Data from CoinGlass indicated roughly $243 million in liquidations over a single hour, with most losses hitting traders who had positioned for continued downside. Bitcoin short sellers alone accounted for more than $100 million in losses during that period. Crypto Market Liquidation (Source: CoinGlass) Looking at a full 24-hour window, total liquidations surpassed $720 million. This ranks among the larger market wipeouts observed since mid-March. Iran opens Strait of Hormuz The price move coincided with a shift in the broader macro environment that traders connected to Bitcoin's recovery. On Friday, Iran declared the Strait of Hormuz completely open to commercial traffic during the ceasefire period. In an April 17 statement, Foreign Minister Seyed Abbas Araghchi said: "In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared open." I view this as a meaningful development for energy markets and, by extension, risk assets like Bitcoin. When a chokepoint of this magnitude shifts toward stability, it tends to feed into broader market sentiment fairly quickly. Traders should watch whether the ceasefire holds and how energy prices respond from here. Any reversal in the Strait of Hormuz situation could undo some of the recent gains.
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