The price of Bitcoin has risen to $78,000 for the first time since early February. This positive trend was sparked by a statement from Iranian Foreign Minister Abbas Araghchi, announcing the reopening of the Strait of Hormuz.
In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.
— Seyed Abbas Araghchi (@araghchi) April 17, 2026
At the time of writing, Bitcoin is trading around $77,900, having increased by 5% in the last 24 hours.
Earlier, Glassnode noted that for Bitcoin to solidify its bullish trend, it needs to break through the $78,000 mark, which represents the true average market price.
Following Bitcoin's lead, the broader market also saw gains. Ethereum's price jumped 6% to $2,400, while XRP rose by 6.3%, and Solana increased by 6.5%.
Source: CoinMarketCap.
Amid rising prices, liquidation volumes nearly reached $200 million within an hour, with $171 million attributed to short positions. The daily total reached $728 million.
Araghchi stated that commercial vessels would be allowed to pass through the strait until the ceasefire between Israel and Lebanon ends. The ten-day ceasefire was agreed upon on April 16.
U.S. President Donald Trump confirmed the reopening of the Strait of Hormuz, while clarifying that the U.S. naval blockade of Iranian ports would continue until negotiations with Tehran are completed.
According to the President, the parties have agreed on most points of the deal, so the process "should move very quickly."
Impact on Oil and Stock Markets
Iran's Foreign Minister's announcement negatively affected energy prices. Brent crude oil fell by 10% to $89, while WTI dropped nearly 11% to $84. At the onset of the Middle East conflict and after the closure of the Strait of Hormuz, fuel prices exceeded $100.
The U.S. stock market reacted positively to the news. The S&P 500 returned to historical highs, surpassing the 7,000-point mark for the first time since late January. The Nasdaq also hit an all-time high.
Technology companies led the rally, as reported by Bloomberg. Analysts noted that retail investors have shifted their focus away from the war with Iran and are buying stocks in AI and innovation sectors.
“After the ceasefire announcement, the focus quickly returned to AI and other technology themes, and stocks popular among retail investors — especially the most volatile ones — began to drive the market up from local lows,” commented Dave Mazza of Roundhill Investments.
However, experts caution that conditions remain "fragile." Oil prices have yet to return to pre-war levels, and in March, they recorded the highest monthly increase since 2022. The impact of the conflict on the energy infrastructure of the Persian Gulf remains uncertain.
“Issues in the Middle East and the private credit market have not disappeared, so this dynamic is definitely concerning,” warned Matt Maley of Miller Tabak.
Implications for Cryptocurrencies
MN Trading founder Michaël van de Poppe anticipates Bitcoin will rise alongside the stock market, particularly noting the Nasdaq's 12-day consecutive growth.
The Nasdaq is up 12 days in a row.
— Michaël van de Poppe (@CryptoMichNL) April 17, 2026
Only a few occasions we've seen this happening.
What does that mean for $BTC?
Why is $BTC not following with the same strength?#Bitcoin is definitely broken and lost its premise!
In this post, I'll give some statistical data on what I… pic.twitter.com/HRA1NQ21DD
Such situations — where the index experiences a strong rally while Bitcoin is in a relatively mature phase — have only occurred twice: in July 2013 and July 2017. In both instances, Bitcoin followed the Nasdaq after some time:
- In 2013, the asset's price surged by 1,000% six months after the index peaked;
- In 2017, it jumped by 400%.
During previous phases of Nasdaq growth (less pronounced than now), Bitcoin lagged by two to three weeks but then outperformed the asset by four to six times.
“My base scenario: we will see a rally to $85,000-88,000 as the first test, but if the Nasdaq continues to rise, I wouldn’t be surprised if Bitcoin aims for historical highs in the fourth quarter of 2026,” predicted van de Poppe.
Other analysts remain more cautious about future market dynamics. An expert using the pseudonym Darkfost noted that the current environment is extremely unstable and speculative: futures react sharply to each new headline.
🟢 More than $2B Buy Volume hits Bitcoin as Strait of Hormuz reopens
— Darkfost (@Darkfost_Coc) April 17, 2026
This week marks a real turning point, both in terms of geopolitics and macroeconomics.
After Tuesday’s PPI figures came in well below expectations, suggesting that inflation driven by higher energy prices may… pic.twitter.com/ieZj8ihPPO
An hour after the announcement, aggressive buying volume in the derivatives sector exceeded $2.1 billion, with over $1.9 billion on Binance alone, he noted.
According to Glassnode, market positioning in options remains uncertain.
Bitcoin is attempting to break above the 74–75K zone after two rejections in March.
— glassnode (@glassnode) April 17, 2026
Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface. pic.twitter.com/bZfeSeh46E
On one hand, traders are actively buying calls, creating a zone that could accelerate growth if Bitcoin breaks through $74,000-78,000. On the other hand, volatility is declining, protective bets are not increasing, and confidence in the movement is lacking.
The market is indecisive: whether to leverage current volatility or prepare for a new movement. Positions remain uncertain, and no one is leading the rally, experts concluded.
At Nexo, they confirmed the contradiction: the rally is gaining momentum, but the derivatives market does not believe in it. Funding rates remain low, demand is high, but positions are defensive.
It’s worth noting that on April 17, analysts warned about the risks of a short squeeze in the cryptocurrency market.