Bitcoin (BTC) has achieved its highest valuation since early February.
On Friday, Bitcoin’s value surged following a message from US President Donald Trump via his social media account, announcing that Iran has reopened the Strait of Hormuz as they committed to do over a week ago.
Meanwhile, crude oil prices experienced a significant decline, with USOIL dropping to a five-week low, below $80 per barrel, before experiencing a minor rebound just above that mark at the time of writing.
“IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU!” – Trump stated on Truth Social.
This announcement marks a more optimistic turn in the ongoing conflict in the Middle East following a two-week ceasefire agreement reached between the US and Iran last Tuesday. Although the peace talks that took place last Saturday did not succeed, both parties are anticipated to resume discussions and may even prolong the ceasefire.
In response to Trump’s declaration, Bitcoin experienced a rapid price increase, reaching nearly $77,000 within minutes of the announcement. This is the highest trading level for the cryptocurrency since early February, prior to its drop to a 1.5-year low of $60,000.
