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Bitcoin value rises toward $80,000 following announcement of open shipping route in the Strait of Hormuz.
Bitcoin surged toward $80,000 following Iran’s announcement that the Strait of Hormuz was fully accessible to commercial vessels for the remainder of the ceasefire period, alleviating pressure on one of the globe’s key energy chokepoints and prompting a broader risk-on sentiment across markets.
The leading cryptocurrency increased by 5% in response to the news, reaching as high as $77,700, according to data from CryptoSlate. This movement extended a weeklong recovery that has propelled Bitcoin nearly 7% from below $70,000 to its highest point since the crash in early February.
#1 Bitcoin BTC $77,954.23 +4.26% Market Cap $1.56T 24h Volume $53.06B All-Time High $126,198.07 Sectors Coin Layer 1 PoW
The rally triggered a significant liquidation wave across leveraged crypto positions. Data from CoinGlass indicated approximately $243 million in liquidations within the past hour, with the majority of losses concentrated among traders anticipating further declines.
For reference, Bitcoin short sellers incurred losses exceeding $100 million during the reporting period.
Crypto Market Liquidation (Source: CoinGlass)
In total, liquidations surpassed $720 million over a broader 24-hour period. This marks one of the largest market wipeouts since mid-March.
Iran opens Strait of Hormuz
The increase was attributed by traders to a sudden change in the macroeconomic environment.
On Friday, Iran announced that the Strait of Hormuz was entirely open to commercial traffic during the ceasefire period.
In a post on X dated April 17, Foreign Minister Seyed Abbas Araghchi stated:
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire.”
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He noted that vessels must adhere to a coordinated route established by Iran’s maritime authorities.
President Donald Trump confirmed the announcement and expressed gratitude to Iran for reopening the waterway.
Following this news, data from oilprices.com revealed that oil prices dropped by more than 11%. This retracted part of the war premium that had accumulated while the strait was largely closed.
The Strait of Hormuz is responsible for approximately 20% of the global oil and liquefied natural gas flows, making it one of the most scrutinized routes in international trade. Its narrow geography has historically provided Iran with leverage during conflicts, enabling it to restrict maritime traffic and heighten pressure on energy markets.
During the recent tensions, only a limited number of commercial vessels traversed the waterway each day.
Meanwhile, this latest development concluded a tumultuous period in which the strait remained predominantly closed during the US-Iran conflict while both parties negotiated the terms of a peace agreement.
What next for Bitcoin price?
For Bitcoin, the reopening of the Strait eliminated one of the most apparent near-term risks facing risk assets.
This is due to the fact that declining oil prices typically alleviate inflationary pressures and diminish concerns about another spike in energy-driven volatility, a context that can bolster speculative assets that had faced challenges during the regional escalation.
The change in sentiment is already visible in derivatives markets, where traders have started to position themselves for a move toward higher price targets.
On Deribit, owned by Coinbase, the $80,000 call option has become one of the most sought-after trades, with a notional value exceeding $1.5 billion. The next largest cluster of bullish positioning was at $90,000, with approximately $914 million in value associated with that strike.
Activity in prediction markets has also turned more positive. Data from Polymarket indicated that the likelihood of Bitcoin exceeding $80,000 before the year’s end has risen above 88%. This suggests that traders are increasingly viewing that level as a near-term target rather than a distant possibility.
The post Bitcoin price jumps towards $80,000 after Strait of Hormuz shipping route declared open appeared first on CryptoSlate.
