Bitcoin Reaches Two-Month High Over $78,000 as Iran Says the Strait of Hormuz Is Open

Bitcoin broke above $78,000 for the first time since early February after Iran declared the Strait of Hormuz fully open and US-Iran peace talks moved forward.

Bitcoin climbed to $78,155 on April 17, its highest price since early February, after Iran announced the Strait of Hormuz was “completely open” for commercial traffic and US officials signaled progress toward a peace agreement. The gain of as much as 3.8% ended roughly two months of range-bound trading and triggered a broad rally across crypto and equity markets.

The move reflected geopolitical relief rather than crypto-specific catalysts. Bitcoin had been pinned between approximately $60,000 and $75,000 since late February, when conflict in the Middle East drove oil prices higher and kept investors cautious about riskier assets. The Strait of Hormuz carries a significant share of global oil flows, and its closure had been a persistent source of inflation concern. Iran’s announcement, paired with comments from US President Donald Trump suggesting the war was “close to over,” shifted trader sentiment sharply. Oil fell and the dollar weakened in response. Ether gained 3.3% and XRP rose 2.4% alongside bitcoin in the broader risk-on move.

This story is an excerpt from the Unchained Daily newsletter.

Spot Bitcoin ETFs recorded two consecutive days of net inflows around the same period, though on-chain analysts noted profit-taking activity that could cap further upside in the near term.

The peace framework between the US and Iran remains fragile. Ceasefire arrangements in place are short-term, and a two-week truce extension is under discussion, according to Bloomberg. A permanent resolution has not been reached. Bitcoin has since pulled back modestly from its April 17 high, though it remains near the upper end of its recent range. How the market prices ongoing geopolitical developments is likely to remain a primary driver for the asset in the near term.