Bitcoin price jumps towards $80,000 after Strait of Hormuz shipping route declared open
CryptoSlate
Bitcoin surged toward $80,000 as Iran reopened the Strait of Hormuz, easing geopolitical tensions and boosting global risk-on market sentiment.Summary
Bitcoin prices climbed to $77,700 following Iran's announcement that the Strait of Hormuz is open to commercial traffic during the current ceasefire. This move, which reduced oil prices by over 11%, helped mitigate inflation fears and triggered a broader rally in risk assets. The market reaction led to significant liquidations of short positions, while increased bullish options activity on platforms like Deribit suggests traders are targeting $80,000 as a near-term milestone.
(Source：CryptoSlate)