Bitcoin climbed sharply on Friday, reaching its highest level since early February after Donald Trump announced that Iran has reopened the Strait of Hormuz as previously promised.
At the same time, oil markets moved in the opposite direction. USOIL dropped to a five week low below $80 per barrel before recovering slightly above that level.
In a post on Truth Social, Trump stated that Iran had confirmed the strait is fully open and ready for passage, marking a positive development in the ongoing tensions in the Middle East.
This update follows the recent two week ceasefire agreement between the United States and Iran. Although peace talks held last Saturday did not succeed, negotiations are expected to continue and the ceasefire could potentially be extended.
Bitcoin responded immediately to the news, surging to nearly $77,000 within minutes of the announcement. The asset was last seen at this level in early February, just before it dropped to a one and a half year low near $60,000.https://coinsignals.net https://t.me/coinsignalpublic
