Iran announced plans to work with Oman on managing traffic through the Strait of Hormuz, easing fears over potential disruptions.
WTI crude oil dropped nearly $5 per barrel after the announcement, reversing earlier gains tied to President Trump’s threat to escalate conflict with Iran.
Bitcoin (BTC) and Ether (ETH) also trimmed losses but remain down about 3% over 24 hours.
Iran’s deputy foreign minister emphasized the initiative aims to ensure safe passage, not restrict it. The remarks followed Trump’s vow to strike Iran "extremely hard" and assert that the Strait will open naturally once hostilities end.
Grayscale noted investor caution due to Middle East volatility, yet signaled potential for a crypto rebound as geopolitical uncertainty fades.
The firm highlighted growing blockchain data challenges affecting privacy models like Zcash, which maintain robust encryption as AI advances.