Bitcoin Rallies as Iran Reopens Strait of Hormuz After Israel-Lebanon Ceasefire,

Iran has announced that it will completely reopen the Strait of Hormuz to commercial vessels after Israel and Lebanon agreed to a 10-day ceasefire, further cementing the ceasefire between the U.S. and Iran. Bitcoin rallied on the back of this development, rising above the psychological $76,000 level.

Iran To Reopen The Strait Of Hormuz, Bitcoin Rallies

In an X post, Iran’s Foreign Minister Abbas Araghchi said that, in line with the ceasefire in Lebanon, they have completely reopened the Strait of Hormuz to all commercial vessels for the duration of the ceasefire. He noted that these vessels will be able to pass through the coordinated route, which Iran’s Ports and Maritime Organization has already announced.

Bitcoin sharply jumped following Araghchi’s announcement, rising above $76,000. The leading crypto is currently trading at around $76,600, up over 2% today, according to TradingView data. This marks the highest level for the BTC price since February.

Iran’s decision to reopen the Strait of Hormuz followed the Israel-Lebanon ceasefire, which helped consolidate the U.S.-Iran ceasefire, as Iran has long reiterated that Lebanon was part of the ceasefire it agreed to with the U.S. The decision to reopen the Strait of Hormuz could also boost negotiations between the U.S. and Iran, which is a positive for Bitcoin and the broader crypto market.

Meanwhile, in a Truth Social post, U.S. President Donald Trump cited Iran’s announcement that the Strait of Hormuz is fully open and ready for “full passage.” The U.S. president expressed optimism yesterday that the war in Iran would end soon.

U.S.-Iran Peace Talks Could Hold This Sunday

According to an Axios report, the second round of U.S.-Iran peace talks would likely take place this weekend, citing sources familiar with the mediation effort. President Trump had earlier mentioned that the U.S. and Iranian negotiators would likely meet this weekend as they seek to end the war, which began on February 28. 

Bitcoin also rallied as the U.S. and Iran are weighing a plan to end Iran’s nuclear program, which was the major point that both sides failed to reach during the first round of peace talks, which held last weekend. Meanwhile, crypto traders are predicting that the U.S.-Iran ceasefire will extend beyond April 22 if both sides do not reach a deal to end the war by then.

According to Polymarket data, there is currently a 90% chance that the U.S.-Iran ceasefire will be extended by April 21. As CoinGape reported, the U.S. and Iran are weighing extending the ceasefire by another two weeks.