Bitcoin Soars to Near $77,000 as Strait of Hormuz Opens

The global markets have been closely watching the developments in the Middle East, and recent events have had a significant impact on the prices of Bitcoin and oil.

On Friday, US President Donald Trump announced that Iran has reopened the Strait of Hormuz as promised over a week ago. This move was seen as a positive development after the US and Iran announced a two-week ceasefire last Tuesday.

BTC reacted immediately to Trump's statement, with its price increasing by almost $17,000 in minutes. The cryptocurrency reached almost $77,000, its highest level since early February when it plummeted to a 1.5-year low of $60,000.