Ceasefire at Strait of Hormuz drives $100B crypto influx

Investors moved into cryptocurrencies after confirmation that the Strait of Hormuz had reopened under a ceasefire, lifting total crypto marketcap by about $100 billion to $2.61 trillion.

Iran’s foreign minister, Abbas Araghchi, confirmed the reopening on April 17. President Donald Trump offered supportive comments. Oil prices fell roughly 11% after the announcements.

Bitcoin traded near $77,080, up about 2.8% over 24 hours and approaching the $80,000 level. Ethereum rose about 3% to trade above $2,400. XRP traded around $1.47 and BNB near $643.

Derivatives activity amplified price moves. Market data showed roughly $750 million in liquidations over 24 hours, with short positions accounting for about $590 million and long liquidations near $160 million. Between 163,000 and 190,000 traders were affected.

Bitcoin accounted for about $340 million of the liquidations, mostly shorts. Ethereum liquidations ranged from about $144 million to $160 million. Open interest in futures increased about 5% to exceed $130 billion, while futures trading volume rose more than 15% to roughly $246 billion.

Major U.S. stock indices reached record levels during the same period. Market participants cited the drop in oil prices as a factor in reduced risk-off positioning across global markets.

Some analysts warned that profit-taking and mixed on-chain indicators could keep volatility elevated. Investors and traders are watching oil prices, developments around the Strait of Hormuz and futures market metrics for signs of continued momentum or a reversal.