Bitcoin Touches $78,000 As Iran Declares Strait of Hormuz ‘Completely Open’ – Crypto News – Crypto News
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Bitcoin Touches $78,000 As Iran Declares Strait of Hormuz 'Completely Open' Bitcoin Touches $78,000 As Iran Declares Strait of Hormuz 'Completely Open'

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Bitcoin Touches $78,000 As Iran Declares Strait of Hormuz ‘Completely Open’ – Crypto News

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A geopolitical breakthrough and strong ETF inflows converged to lift crypto markets on Friday.

Bitcoin climbed back above $77,000 on Friday after Iran declared the Strait of Hormuz fully reopened to commercial shipping, the clearest geopolitical de-escalation since the US-Israel war on Iran broke out in late February.

BTC was changing hands near $77,274, up 3.7% over 24 hours and 5.8% on the week after briefly topping $78,000 earlier in the session, per CoinGecko. The asset remains roughly 39% below its October 2025 all-time high of $126,198. Ether is trading around $2,425, up 4.1% on the day and 8% on the week.

BTC Chart

Among other large-caps, XRP added 3.1% to $1.48, Solana rose 2% to $89, and BNB climbed 1.5% to $640. Total crypto market capitalization climbed to $2.7 trillion, with Bitcoin dominance at 57.2%.

Hormuz Reopening Fuels Rally

Iranian Foreign Minister Abbas Araghchi announced the reopening in a social media post on Friday, saying the passage for all commercial vessels through the strait is “completely open for the remaining period of ceasefire.” The announcement followed confirmation late Thursday of a 10-day ceasefire between Israel and Lebanon, a precondition Tehran had set in peace talks.

Oil prices dropped roughly 12% on the news. President Donald Trump said the strait is “ready for full passage,” but added that the US naval blockade of Iranian ports “will remain in full force” until a formal peace deal is signed.

The strait normally carries roughly a fifth of global oil and liquefied natural gas supply, and the weeks-long disruption had been the single largest macro overhang on risk assets since the war began on February 28.

Short Squeeze

The rally triggered a meaningful reset in leveraged positioning.CoinGlass data showed roughly $805 million in futures liquidations over the past 24 hours, with short positions accounting for the lion’s share at $643 million.

Nearly $390 million of Bitcoin derivatives positions were liquidated, along with $181 million of ETH positions.

Big Movers

Among the Top 100 cryptocurrencies, Ethena’s ENA led the charge with a 14% rally, while Morpho gained 10%.

Decliners were shallow. Zcash slipped 1.3% to $332, Toncoin edged 1% lower, and LEO Token gave back 0.6%, per CoinGecko.

ETF Flows Stay Positive

Spot Bitcoin ETFs logged $26 million in net inflows on April 16, according to SoSoValue. Weekly net flows into Bitcoin ETFs have totaled $332 million so far this week, following a $786 million haul the prior week.

Spot Ether ETFs extended their winning streak to a sixth consecutive session with $18 million in net inflows on April 16, lifting cumulative inflows for the category to $11.82 billion.

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