Bitcoin's Strait flush 🚢

Bitcoin surged along with stocks as Iran declared the Strait of Hormuz is "completely open" for the duration of the ceasefire.

Author

Stephen Graves
April 17, 2026

đź“ť What you need to know

Bitcoin surged to a two-month high over $77,000 Friday morning, after Iran declared that the Strait of Hormuz is “completely open” for the duration of the ceasefire. Analysts declared it the “risk-on signal the global markets have been waiting for,” while on prediction market Myriad, owned by Decrypt’s parent company Dastan, the chances of WTI crude oil dropping to $55 flipped positive.

With negative funding rates at a yearly high for Bitcoin, its upward trajectory sets up a potential short squeeze that could push BTC to $125,000 in the next two months, analysts told Decrypt—though that depends on whether it can “break and hold above $80,000.”

Bitcoin, Stocks Surge as Iran Says Strait of Hormuz Is 'Completely Open'

Bitcoin spiked above $77,000 as stock indices set records, following word that Iran's Strait of Hormuz is open during the ceasefire.

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