Global Markets Soar as Strait of Hormuz Reopens

The reopening of the Strait of Hormuz has had a ripple effect on global markets, with cryptocurrencies being no exception. As tensions in the Middle East ease, investors have become more optimistic about the prospects for economic growth.

According to recent reports, Iran has announced that the Strait is 'fully open' during the ceasefire, allowing commercial vessels to pass through. This development has led to a surge in global risk assets, with both the SP 500 and Nasdaq Composite hitting record highs simultaneously.

The cryptocurrency market has also seen significant gains, with Bitcoin reaching nearly $77,000 for the first time in two months. This represents a 24-hour increase of around 5%, and marks one of the largest daily gains for the digital currency in recent weeks. Major altcoins such as Ethereum, XRP, and Solana have also risen, with gains of around 6%.