Bitcoin rises to $78,100 after Trump says Hormuz open

Bitcoin climbed to as high as $78,100 on Friday after President Trump posted that the Strait of Hormuz was “completely open and ready for business.” Prices eased to about $77,700 by mid-morning.

The gain marked a roughly two-and-a-half-month high. Bitcoin had fallen from about $90,000 to roughly $60,000 in early February. Other major cryptocurrencies also advanced: ether, XRP and dogecoin each rose more than 5% over 24 hours. The total crypto marketcap moved back above $2.7 trillion.

U.S. equities rose alongside digital assets, with the S&P 500 reaching near 7,125. Oil futures fell from about $91 at Thursday's close to under $81 in morning trading.

In a follow-up post, Trump wrote that “Iran has agreed to never close the Strait of Hormuz again.” Iran's foreign minister had earlier stated commercial passage had resumed under a 10-day ceasefire. The president also noted that a U.S. naval blockade targeting Iran would remain in place, a detail market participants said added uncertainty about how freely shipping would operate.

Market strategists reacted to the reopening. Matt Mena, a strategist at 21Shares, described it as a “risk-on signal” and projected that if momentum holds bitcoin could reach $80,000 to $85,000 in April. On prediction markets, the probability attached to bitcoin reaching $80,000 in April rose from about 35% to roughly 68% within a few hours.

Some analysts cautioned that investor sentiment remains at “extreme fear” and that the price rise is not yet supported by sustained spot demand. Technical observers pointed to the $78,000 level as near-term resistance and said longer-lasting gains would depend on stronger buying interest and broader macro follow-through.

The Strait of Hormuz links Persian Gulf oil producers to global markets, and its status affects energy prices and investor risk assessments. Because the reported ceasefire lasts 10 days and U.S. naval operations continue, market participants will watch whether commercial traffic remains uninterrupted before treating the reopening as enduring.