Bitcoin surged to a two-month peak Friday, rallying after Iran declared commercial traffic can flow freely through the Strait of Hormuz amid a ceasefire. Iran's Foreign Minister, Seyed Abbas Araghchi, stated that passage for all commercial vessels is open for the duration of the ceasefire. Ships must follow a coordinated route outlined by Iranian officials. The Strait of Hormuz is a critical chokepoint, through which 20% of the world's oil supply transits.
Bitcoin recently traded around $77,400, marking a 5% increase in 24 hours and its highest price since early February. The digital asset has seen a more than 22.6% rise since conflict intensified in the Middle East seven weeks prior.
Other cryptocurrencies also saw significant gains, with Ethereum up 6% and XRP rising 6%. On Wall Street, both the S&P 500 and the Nasdaq composite reached record highs.
U.S. President Donald Trump confirmed the opening of the Strait of Hormuz for business, noting that Iranian ships would still face a blockade until U.S. agreements with Iran are fully realized.