Key Highlights
- Iran’s foreign minister has announced the reopening of the Strait of Hormuz.
- The crypto market has reacted positively to the news, resulting in a price rally of major coins.
- Bitcoin trades over $77k, marking the highest level touched since February.
Cryptocurrencies experienced a surge in value on Friday after Iran announced it would fully reopen the Strait of Hormuz. Immediately following the announcement, major cryptocurrencies like Bitcoin, Ethereum, and XRP all began to increase in price.
As an analyst, I’ve been following the situation closely, and according to a recent post by Araghchi, commercial shipping through the Strait of Hormuz will remain fully open for the duration of the current Lebanese ceasefire. He specified that vessels should follow the established route coordinated by Iran’s Ports and Maritime Organization.
Following the ceasefire in Lebanon, all commercial ships can now freely pass through the Strait of Hormuz for the rest of the ceasefire period. They should follow the established route previously announced by Iran’s Ports and Maritime Organization.
— Seyed Abbas Araghchi (@araghchi) April 17, 2026
This development, linked to the recent, delicate peace agreement in the region, has reduced worries about problems with shipping through a vital global trade route, leading to increased confidence in markets worldwide.
With tensions easing in the Middle East, this news arrives as a reminder of the region’s importance to global oil markets. The Strait of Hormuz handles about 20% of the world’s oil supply, and disruptions there have recently caused fluctuations in cryptocurrency prices.
Now that safe travel is assured, a decrease in global tensions has led to more trust in digital currencies. Several major cryptocurrencies quickly increased in value after the announcement.
Effect on major cryptocurrencies
As of today, Bitcoin is trading at approximately $77,647, a gain of about 5.53% over the last 24 hours and 6.36% over the past week, according to CoinMarketCap. This is the highest price it’s reached since February. The recent overall market recovery has boosted Bitcoin, with trading volume exceeding $49.5 billion and its market value rising to $1.55 trillion. Bitcoin’s share of the crypto market has also increased, now standing at 59.3%—a jump of 0.87%.
Ethereum’s price rose to $2,440.13, increasing by 6.16% over the last day, driven by growing interest from institutions and investments into Ethereum ETFs. Throughout the day, the price fluctuated between $2,308.23 and $2,447.28. Separately, Solana (SOL) was trading at $90.15, up 6.41% over the past 24 hours. Trading volume for Solana reached $7.66 billion, a significant increase of 66.44%.
XRP’s price increased by 7% over the last day and is currently around $1.49, reflecting a positive trend for many alternative cryptocurrencies. This brings XRP’s total market value to $92.8 billion. Events related to the conflict between the US and Iran can influence the cryptocurrency market, as seen last month when prices fell sharply due to developments in the region.
According to CoinMarketCap, the total value of the cryptocurrency market has increased by 4.96% today, reaching $2.63 trillion. Over the past 30 days, about $170.01 billion worth of crypto has been traded. The market’s fear and greed index is currently at 64, indicating that investors are feeling optimistic and showing interest.
According to the latest reports, the five most popular cryptocurrencies right now are Bitcoin, Ethereum, Tether, XRP, and BNB.
Catalyst for crypto market
The Iranian foreign minister’s statement caused a significant price increase across the crypto market. By easing concerns about global energy supplies and international tensions, the announcement has boosted investor confidence and encouraged more investment in digital assets.
With the Middle East’s political situation still uncertain, any changes in policy or new conflicts could undo recent progress. It remains to be seen whether the current positive trend will continue or fade away.
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2026-04-17 18:46