The price of bitcoin has once again exceeded $76,000 along with a drop of around 10% in the price of crude oil amid an apparent reopening of the Strait of Hormuz.
“Passage for all commercial vessels through the Strait of Hormuz is declared fully open for the remainder of the ceasefire period,” Iranian Foreign Minister Seyed Abbas Araghchi said in an X message.
President Trump quickly responded on Truth Social and thanked Iran for fully reopening.
The news caused the price of WTI crude oil to fall nearly 10% to $85.90 per barrel, its lowest price since shortly after the outbreak of war in early March.
Additionally, bitcoin has risen to $76,400, up 3 in the last 24 hours. US stock index futures are up about 1% across the board.
Why the $76,000 area is important
Bitcoin was trading around the $76,000-$78,000 level in the days leading up to the Feb. 5 crash that saw its price fall as low as $60,000. In recent days, BTC has surpassed $76,000 on numerous occasions, only to be met with a wave of rapid selling.
Technicians believe that a sustained breakout to around $77,000 could set the stage for a return to significantly higher levels.
More green shoots over Iran
Separately, Axios reported that the United States and Iran are negotiating a three-page plan to end hostilities. Among the talking points: The United States will release $20 billion in frozen Iranian funds in exchange for that country giving up its stockpile of enriched uranium.
