Bitcoin jumped to a two-month high on Friday after Iran declared that commercial traffic could flow freely through the Strait of Hormuz amid the ceasefire between Israel and Lebanon.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Seyed Abbas Araghchi, Iran’s Foreign Minister, said in an X post before the opening bell.
Araghchi made clear that ships must transit the strait, through which 20% of the world’s oil flows, alongside a “coordinated route” outlined by Iranian officials. The 10-day ceasefire between Iran and Lebanon started on Thursday evening in the U.S.
Bitcoin recently changed hands around $77,400, a 5% increase over the past day, according to CoinGecko. That represented the digital asset’s highest price since early February and a more than 22.6% increase since conflict emerged in the Middle East seven weeks ago.
