Bitcoin Surges Amid Trump's Strait of Hormuz Announcement

US President Donald Trump's statement on Friday that Iran has reopened the Strait of Hormuz had a significant impact on global markets.

The announcement led to an immediate surge in Bitcoin prices, with the cryptocurrency reaching nearly $77,000 within minutes. This price level was last seen in early February, shortly before it plummeted to a 1.5-year low of $60,000.

In contrast, oil prices took a hit, with USOIL plummeting to a five-week low of under $80 per barrel before recovering slightly to just over that level as of press time.