Bitcoin Hits $78K as Trump Says Strait of Hormuz Is Fully Open

Bitcoin surged on April 17 after the US President Donald Trump said the Strait of Hormuz was open again and shipping passage was being restored.

In a Truth Social post, Trump wrote that Iran had announced the strait was “fully open and ready for full passage.” He added that sea mines had been removed, or were being removed, with the help of the United States.

Earlier today, Trump posted again that Chinese President Xi Jinping was “very happy” that the Strait of Hormuz was open or rapidly opening. He also said that a meeting coming up in China could be historic.

The market reacted fast as Bitcoin jumped to a 10-week high above $78,000, reaching around $78,400 for the first time since February 4.

At press time, $BTC is trading at $77,163 and is up 3% on the day. Over the past seven days, Bitcoin has been up 6.37%. Ethereum rose 3% after the announcement and is up 5.88% over the weekly period.

Why Markets Moved So Fast

The Strait of Hormuz is one of the most important oil shipping routes in the world, carrying roughly one-fifth of global crude supply.

Any threat to the route can push oil prices higher and pressure global markets. Reopening the passage reduces supply fears and lowers immediate stress in risk assets.

The rally also came as Trump claimed more progress in talks with Iran. He said both sides would work together to clear mines from the strait.

Trump also said a permanent peace deal between the US, Israel, and Iran was “mostly complete,” with more talks likely this weekend. He added Iran had agreed to suspend its nuclear program indefinitely and would not receive frozen US funds.

Conflicting Signals Remain

The rally came despite mixed responses from Tehran. Iranian lawmaker Mahmoud Nabavian rejected claims that the strait was fully open.

He said Iran would continue charging tolls on commercial shipping, and state-linked media reportedly repeated that position.

There was also confusion over money tied to any deal. Officials familiar with talks said the US had discussed giving Iran access to $20 billion in frozen funds in exchange for uranium concessions. Trump later denied that proposal in a televised interview.

Formal talks are still being prepared, with reports saying Pakistan could mediate a new round as early as Monday. The expected US team includes Vice President JD Vance, Steve Witkoff, and Jared Kushner.

European leaders, including French President Emmanuel Macron and British Prime Minister Keir Starmer, urged caution and said any progress must turn into a lasting agreement before markets fully price in peace.

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