The cryptocurrency market saw a sharp move upward on Friday morning, fueled by shifting geopolitical headlines and renewed institutional interest. Bitcoin climbed to a two-month high of $78,100 after U.S. President Donald Trump announced the Strait of Hormuz was “completely open and ready for business.”
The statement followed comments from Iranian Foreign Minister Seyed Abbas Araghchi, who confirmed that commercial vessel passage had resumed under a 10-day ceasefire.
By mid-morning, Bitcoin began to settle near $77,700, though the jump pushed the total global crypto market cap back above the $2.7 trillion mark.
The rally wasn’t limited to Bitcoin. XRP pushed through the $1.45 resistance level to trade near $1.49, marking a 5% gain in 24 hours. The token is seeing a surge in activity following Rakuten’s payment integration in Japan and a steady rise in ETF inflows. Meanwhile, Ethereum rose nearly 5% to trade between $2,355 and $2,440, and Solana moved past the $90 threshold.
READ: DOGE Drifts Lower: Why The Meme Coin King Is Stalling Near 9 Cents
Despite the green candles on the charts, professional traders remain cautious. The Crypto Fear and Greed Index currently sits at 21, indicating “extreme fear” despite the price recovery.
Analysts at Glassnode noted that while spot demand is improving, the market is still roughly 5% below the “True Market Mean” of $78,100, which they identify as a key resistance zone. 21Shares strategist Matt Mena described the reopening of the strait as a “risk-on signal,” suggesting that if this momentum holds, Bitcoin could target the $80,000 to $85,000 range by the end of April.
Corporate and regulatory moves also made waves today. Asset manager Canary Capital officially filed with the SEC for a spot PEPE ETF, a move that would allow institutional investors to hold the meme-themed token directly.
In the exchange space, Kraken’s parent company, Payward, announced it is acquiring the derivatives exchange Bitnomial for $550 million. On the legislative side, Congresswoman Biggs disclosed a six-figure purchase of BlackRock’s Bitcoin ETF, highlighting continued political involvement in the sector.
Not all the news was positive for the industry. Stablecoin issuer Circle is facing a class-action lawsuit from investors related to a $285 million exploit on the Solana-based Drift Protocol earlier this month.
he plaintiffs claim Circle was negligent in failing to freeze $232 million in USDC as it was being bridged between networks during the hack. Circle has defended its actions, with CEO Jeremy Allaire stating that freezing assets without a formal court order would create a “dangerous moral hazard.”
As the trading day continues, investors are keeping a close eye on the stability of the 10-day ceasefire. In a follow-up post on Truth Social, Trump wrote, “Iran has agreed to never close the Strait of Hormuz again,” though he noted that a U.S. naval blockade remains in place until further terms are met.
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