Bitcoin’s price has once again surpassed the $76,000 mark, coinciding with a nearly 10% drop in crude oil prices due to the reopening of the Strait of Hormuz. Iranian Foreign Minister Seyed Abbas Araghchi announced on X that commercial vessels are free to pass through the strait for the remainder of the ceasefire period. President Trump quickly commented on Truth Social, expressing gratitude towards Iran for this development.
This announcement led to a significant drop in West Texas Intermediate (WTI) crude oil prices by nearly 10%, bringing them down to $85.90 per barrel—the lowest since early March following the war outbreak. Concurrently, bitcoin surged to $76,400, marking a 3% increase over the past day. U.S. stock index futures have also risen by about 1%.
Prior to its crash on February 5, when prices fell from between $76,000 and $78,000 down to $60,000, bitcoin had been trading in that range. In recent days, it has repeatedly breached the $76,000 threshold, only to face rapid selling. Analysts suggest that a sustained rise beyond $77,000 could pave the way for a return to much higher levels.
In related news, Axios reported ongoing negotiations between the U.S. and Iran over a three-page plan aimed at ending hostilities. Key discussion points include the potential release of $20 billion in frozen Iranian assets by the U.S., contingent upon Iran relinquishing its enriched uranium stockpile.