Bitcoin hit a two-month high of $78,000 on Friday as crypto stocks soared, led by a surge in a troubled digital asset treasury firm, as progress toward ending the Iran war rattled risk assets.
US President Donald Trump said in a post on Truth Social that Iran is committed to keeping the Strait of Hormuz, a critical artery for global energy markets, open.
“Iran just announced that the Straits are fully open and ready for full transit,” Trump said in a post on Truth Social, adding that peace talks between the two countries were making progress. Reports that the US is considering unfreezing $20 billion in Iranian assets and President Trump’s comments regarding Iran’s acquisition of enriched uranium further boosted sentiment.
The headline helped ease fears of a prolonged energy shock, with oil plummeting 13% to nearly $80 a barrel.
risk on signal
“The reopening of the Strait of Hormuz is the risk-on signal global markets have been waiting for,” said Matt Mena, senior crypto research strategist at Digital21Shares.
It added: “By removing one of the world’s most important geopolitical chokepoints, Iran has effectively unleashed a massive wave of liquidity and investor confidence.” “With oil prices falling below $85 for the first time in a month, inflation fears may finally be coming to an end.”
Bitcoin has risen to $78,000, breaking out of a two-month range that has kept prices in check since early February and rising nearly 5% in the past 24 hours.
This movement is reflected in major altcoins Ether (ETH), Solana (SOL), $XRP ($XRP) recorded a profit of 4% to 5%.
Looking at crypto stocks, the biggest winners have been crypto treasury companies (companies with digital assets on their balance sheets), which have taken a big hit in recent months.
American Bitcoin (ABTC), backed by the Trump family, rose more than 21%, while Strategy (MSTR) rose 13%. Strive (ASST) and ProCap (BRR) rose about 10%-11% as investors returned to exposure to high-beta Bitcoin.
A similar movement played out across altcoin stocks. Forum Markets (FRMM), an Ethereum-focused financial firm with a focus on tokenization, rose 19%, while Solana-related stocks like Solmate (SLMT) and Upexi (UPXI) rose 12% to 11%.
Other digital asset stocks also rose, with Coinbase (COIN) up more than 6%, Galaxy (GLXY) 8%, and Blish (BLSH) 4.5%.
On the East Coast, the Nasdaq and S&P 500 were up about 1.4% each after midday, both surging to new record levels.
