"Bitcoin has climbed 5.9%, Ethereum has rallied 8.6%, XRP has gained 4.2%, and Solana is up 6.3%. The trigger was Iran signalling that it wants to come back to the negotiating table, combined with Trump's Hormuz blockade turning out to be less damaging than traders expected."
"CENTCOM confirmed that the U.S. Navy will only block ships going to and from Iranian ports. Tankers heading to non-Iranian destinations can still pass through the strait freely, contributing to the bullish sentiment in the market."
"Oil prices dropped from around $104 per barrel to $96-$99 once the blockade exemption became clear. Every time oil price has come down, crypto has rallied—and every time oil has gone back up, the rally fades too."
Bitcoin has risen above $75,000 after being below $70,000 for over a month. The surge is attributed to Iran's indication of returning to negotiations and a less impactful Hormuz blockade than anticipated. Other cryptocurrencies like Ethereum, XRP, and Solana also experienced significant gains. Oil prices dropped, contributing to the bullish market sentiment, as historically, declines in oil prices have correlated with crypto rallies. The market's upward movement suggests a potential beginning of a crypto bull run.
Read at 24/7 Wall St.
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