Bitcoin broke above $77,000 on April 17 after Iran's foreign minister Abbas Araghchi announced the Strait of Hormuz was “fully open” for commercial shipping, and President Trump claimed a final deal would be reached within a day or two. The rally reclaimed all losses from the earlier U.S.-Iran conflict, with BTC touching the $78,000 region. Equities rallied in tandem: the Nasdaq Composite posted its 13th straight gain, the longest such streak since 1992, while the S&P 500 closed 1.20% higher at 7,126.06 and the Dow soared over 850 points.
Oil plunges 12%, inflation pressure eases
Crude oil took the opposite route. WTI tumbled more than 12%, dipping to around $83 per barrel, and Brent slid about 11%. The Strait of Hormuz handles roughly 20% of global oil shipments; removing the blockade risk eliminated a major upside risk to imported inflation. The oil rout gave the Fed more room to frame inflation as under control, but CME FedWatch data still showed an 89.2% probability of rates staying unchanged in June — the market is pricing an improved inflation outlook rather than imminent rate cuts.
Swift rebuttal from Tehran, Bloomberg flags overpricing
The narrative quickly soured. Iran's parliament speaker Mohammad Bagher Ghalibaf denied Trump's claims overnight, saying none of his seven assertions were true and warning that if the U.S. continues to block Iran's ports, Hormuz cannot stay open. Bloomberg later reported that Araghchi's “full opening” still requires commercial vessels to “coordinate” with Iran — meaning the market has priced a much looser regime than reality. Key resistance for Bitcoin sits near $80,000, with support at $75,000.