Bitcoin Surges Above $76K as Strait of Hormuz Reopens
Bitcoin climbed above the $76,000 mark on Friday after Iran confirmed that the Strait of Hormuz is fully open to commercial shipping during the ceasefire between Israel and Lebanon.
The world’s largest cryptocurrency rose 3.6% to $76,389 by 09:32 ET (13:32 GMT), extending its recent upward momentum.
Weekly Gains Build Despite Resistance Levels
Bitcoin is on track to post gains of more than 8% for the week. However, the price continues to face resistance around the $75,000 psychological level, which it briefly surpassed earlier in the week but has struggled to hold decisively.
Geopolitical Developments Boost Market Sentiment
The latest rally was supported by easing geopolitical tensions. Iran’s decision to reopen the Strait of Hormuz helped improve risk appetite across global markets, while oil prices dropped approximately 11% following the announcement.
Iran’s Foreign Minister Seyed Abbas Araghchi stated that all commercial vessels are permitted to pass through the strait during the ceasefire, although shipping must follow designated routes set by Iranian authorities.
Trump Signals Support as Ceasefire Holds
U.S. President Donald Trump welcomed the reopening of the key shipping route on social media. The development comes after Israel and Lebanon agreed to a 10-day ceasefire, which began Thursday.
The ongoing conflict between Israel and Hezbollah had previously complicated negotiations between Washington and Tehran, but recent progress has raised hopes for renewed diplomatic talks.
Broader Markets React to Positive Developments
The improvement in geopolitical conditions lifted broader risk assets. The S&P 500 moved closer to the 7,100 level following the market open, reflecting stronger investor confidence.
Cyberattack Hits Russia-Linked Crypto Exchange
Separately, crypto exchange Grinex, which is linked to Russia, suspended operations after a cyberattack resulted in the theft of approximately 1 billion roubles (around $13 million).
The Kyrgyzstan-based platform described the breach as highly sophisticated and suggested possible involvement of foreign intelligence services. Grinex, which is under sanctions from the U.S., UK, and European Union, stated that the attack was intended to disrupt Russia’s financial system.
Altcoins Rally as Crypto Market Strengthens
Altcoins also recorded strong gains following the positive news flow. Ethereum rose 4.3% to $2,409, while XRP gained 5% to $1.4763.
Solana and Cardano both advanced around 5.5%, with Polygon increasing by 3%. Among meme cryptocurrencies, Dogecoin added 5.2%, reflecting broad-based strength across the digital asset market.
