Bitcoin's price is experiencing a surge as crude oil prices drop 7% on May 25. This shift in the market has led to a tentative recovery for cryptocurrencies, with Bitcoin and Ethereum both up more than 1%. The reopening of the Strait of Hormuz shipping lane, where 20% of the world's crude oil is shipped, appears to be imminent.
The Strait of Hormuz has been closed due to escalating tensions between the US and Iran, causing oil prices to rise. However, with signs that a deal is close to being reached, oil prices have fallen below $100 a barrel, easing pressure on risk assets like cryptocurrencies. This has resulted in Bitcoin's price increasing to over $77,000.