Bitcoin and XRP Price as Iran Opens Strait Of Hormuz

Bitcoin and XRP prices have seen a strong surge after Iran opened the Strait of Hormuz, lifting overall crypto sentiment. The crypto market worldwide increased 3.79% in 24 hours pushing the capitalization almost to $2.77 trillion. 

BTC price climbed 4.97% to $77,884, briefly touching $78,000 for the first time since February 3. The total market value also surged to over 2.7 trillion, which was last witnessed in January. Ethereum price rallied past $2,400 during the broad advance. XRP continued to gain, breaking above $1.48 as the buying pressure gained strength.

Iran Declares Strait of Hormuz Open Amid Ceasefire Talks

Iran has declared the Strait of Hormuz completely open to commercial shipping during an ongoing ceasefire period. 

This was announced by the foreign minister of Iran during a new wave of diplomatic talks with the United States. The Strait is still one of the most important energy transit routes in the world.

Later, the state media in Iran, however, created uncertainty regarding the reopening that was fully executed. A number of shipping firms are said to be taking precaution even after the declaration. Maritime operators are on alert as the tensions in the region have yet to abate.

U.S. President Donald Trump said that an American naval blockade will exist. He indicated that restrictions would go on until there is a complete agreement with Iran. Trump was optimistic that they would reach a deal in the coming days. He also mentioned that he thought formal peace talks would be held this weekend.

The U.S. administration is looking into releasing 20 billion Iranian dollars. Trump also indicated that the United States would want to take possession of the stockpile of enriched uranium that Iran possessed.

In Lebanon a 10-day ceasefire seems to be taking hold. The ceasefire is between Israel and Hezbollah whose dispute has complicated the negotiations. Trump underlined that the Lebanon ceasefire does not affect the negotiations with Iran. He further stated that Israel is not allowed to attack at this time.

Bitcoin and XRP Price Rally as ETF Inflows Extend Gains: Will BTC Hit $80k This Week?

Bitcoin and XRP prices experienced an increase in the last 24 hours as buyers returned to the market. BTC price rose 4.41% to trade at $77,492, showing a resilience of bullish momentum. 

Maintaining support near $76,420 could pave the way for another push upward. It seems there might be a retest of the 78, 320 swing high with continued strength. An aggressive step beyond $79,000 can pave way to $80,000 as per the future Bitcoin outlook.

On the negative side, a fall below $75,246 may strain the prices to the 50-day moving average. These levels are being closely monitored by traders in order to ascertain the direction of the trend.

Institutional demand was also stable on April 16 based on ETF data. Bitcoin spot ETFs had a net inflow of $26.05 million, and it was a continuation of a three-day streak. 

Ether spot ETFs received inflows of 18.02 million, the sixth straight session of inflows.  The Solana funds contributed to $15.50 million more, and XRP spot funds contributed to 11.87 million.

XRP price 4% to $1.48. Holding above $1.44 may support a climb toward $1.50 and $1.55. The next support level would be revealed as $1.38 in case of a breakdown. The Iran ceasefire deadline on April 22 is still a macro focus.