Bitcoin price jumps towards $80,000 after Strait of Hormuz shipping route declared open

Bitcoin climbed toward $80,000 after Iran said the Strait of Hormuz was fully open to commercial traffic for the remainder of the ceasefire period, easing pressure on one of the world’s most important energy chokepoints and triggering a broader risk-on move across markets. The largest cryptocurrency rose 5% on the news to as high as $77,700, according to CryptoSlate data. The move extended a weeklong rebound that has lifted Bitcoin nearly 7% from below $70,000 to its strongest level since the early February crash. #1 Bitcoin BTC $77,346.00 +3.93% Market Cap $1.55T 24h Volume $54.57B All-Time High $126,198.07 Sectors Coin Layer 1 PoW The rally set off a sharp liquidation wave across leveraged crypto positions. CoinGlass data showed about $243 million in liquidations over the past 1 hour, with most of the losses concentrated among traders positioned for further downside. For context, Bitcoin short traders lost more than $100 million during the reporting period. Crypto Market Liquidation (Source: CoinGlass) Meanwhile, the total liquidations topped $720 million over a longer 24-hour time frame. Notably, this is one of the largest market wipeouts since mid-March. Iran opens Strait of Hormuz The advance came as traders linked Bitcoin’s rebound to a sudden shift in the macro backdrop. Iran on Friday declared the Strait of Hormuz completely open to commercial traffic during the ceasefire period. In an April 17 post on X, 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 declare