Bitcoin Surges Past $74,000 as US Blocks Strait of Hormuz

Bitcoin has bounced back from recent losses to trade near $74,000 following President Donald Trump's announcement that the US naval blockade of the Strait of Hormuz has ended.

The blockade, which had been in place since early April, was seen as a significant geopolitical risk for cryptocurrency markets. However, despite the initial shock, Bitcoin proved resilient and continued to trade above $70,000 throughout the standoff.

Traders have taken the end of the blockade as an 'all clear' signal to rotate back into risk assets, unwinding some of the 'war premium' that had built up in both crude and crypto options markets. This has led to a surge in Bitcoin prices, with spot prices now above $74,000.