The price of Bitcoin has pushed above $76,000 again alongside a roughly 10% fall in the price of crude oil following an apparent reopening of the Strait of Hormuz.
“The passage of all commercial ships through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire,” Iranian Foreign Minister Seyed Abbas Araghchi said in an X publication.
President Trump quickly responded on Truth Social, thanking Iran for the full reopening.
This news caused the price of WTI crude oil to fall by almost 10%, to $85.90 per barrel, its lowest price since the start of the war in early March.
Meanwhile, bitcoin reached $76,400, up 3x in the last 24 hours. U.S. stock index futures are roughly 1% higher overall.
Why the $76,000 Area Matters
Bitcoin was trading around the $76,000 to $78,000 level in the days leading up to the February 5 crash, which sent its price tumbling as low as $60,000. In recent days, BTC has exceeded $76,000 several times, only to run into a wave of rapid selling.
Technicians believe that a sustained breakout around $77,000 could pave the way for a return to significantly higher levels.
Other green shoots in Iran
Separately, Axios reported that the United States and Iran are negotiating a three-page plan aimed at ending hostilities. Among the points of discussion: the release by the United States of $20 billion in frozen Iranian funds in exchange for that country abandoning its stockpiles of enriched uranium.
