Bitcoin climbed from around $75,000 to $78,000 within hours after Iran said the Strait of Hormuz was “completely open” for commercial vessels. The move, dated April 17, 2026, came after nearly two months of conflict involving the U.S., Israel, and Iran, and traders quickly rotated back into risk assets as tensions eased.
Araghchi announced the move on X
According to the source material, Iranian Foreign Minister Abbas Araghchi made the announcement official on X on April 17. He said all commercial vessels would be free to pass through the Strait of Hormuz for the remaining period of the current U.S.-Iran truce. That truce, as cited in the report, is set to expire on April 22.
The announcement followed a separate development one day earlier, when U.S. President Donald Trump said a 10-day ceasefire had been reached between Israel and Hezbollah in Lebanon. Trump later posted that Iran had declared the Strait of Hormuz fully open and ready for passage.
A critical chokepoint for oil and LNG flows
The Strait of Hormuz is one of the most important energy corridors in the world. Before the U.S. and Israel launched their military attack on Iran on February 28, 2026, about 20% of global crude oil supply moved through the waterway each day, along with a large share of global LNG exports, mostly from Qatar.
When the strait was effectively shut in response to the attack, shipping traffic dropped sharply. Daily vessel counts fell from more than 100 ships to single digits. That disruption hit energy transport immediately and fed into broader market stress.
Crypto market cap rose as traders returned to risk assets
The crypto market reacted fast. Total market capitalization increased by about 5% to $2.63 trillion, while Bitcoin rebounded from its recent range near $75,000 and pushed up to $78,000.
Major altcoins moved in the same direction. The source says Ethereum, Solana, and XRP posted gains of roughly 6% to 10%. Price action across large-cap tokens reflected a broad risk-on shift after the geopolitical backdrop showed signs of cooling.