Cryptocurrency Market Surges on Strait of Hormuz News

The cryptocurrency market experienced a significant surge on Friday morning, driven by shifting geopolitical headlines and renewed institutional interest. The rally was sparked by US President Donald Trump's announcement that the Strait of Hormuz was 'completely open and ready for business', following comments from Iranian Foreign Minister Seyed Abbas Araghchi confirming commercial vessel passage had resumed under a 10-day ceasefire.

Bitcoin climbed to a two-month high of $78,100, pushing the total global crypto market cap back above the $2.7 trillion mark. Other cryptocurrencies also saw significant gains, with XRP rising 5% to trade near $1.49 and Ethereum increasing nearly 5% to between $2,355 and $2,440.

Analysts at Glassnode noted that while spot demand is improving, the market remains roughly 5% below the 'True Market Mean' of $78,100, which they identify as a key resistance zone. 21Shares strategist Matt Mena described the reopening of the strait as a 'risk-on signal', suggesting that if momentum holds, Bitcoin could target the $80,000 to $85,000 range by the end of April.