BREAKING: Bitcoin Soars, Oil Plunges as Trump Declares Strait of Hormuz Open

Bitcoin’s price is on the move again on Friday after US President Donald Trump took to his social media platform to inform that Iran has reopened the Strait of Hormuz as it promised over a week ago.

In contrast, oil prices plummeted, with USOIL plunging to a five-week low of under $80 per barrel before it recovered slightly to just over that level as of press time.

This is the latest, more positive development on the war in the Middle East after the US and Iran announced a two-week ceasefire last Tuesday. Although last Saturday’s peace talks failed, both sides are expected to continue the negotiations and could even extend the ceasefire.

BTC reacted with an immediate price pump that drove it to almost $77,000 in minutes after Trump’s statement went live. The cryptocurrency last traded at such prices in early February, shortly before it plunged to a 1.5-year low of $60,000.

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