Bitcoin hit $78K as the Strait of Hormuz reopened and risk appetite came back
Iran declared the Strait of Hormuz fully open to commercial vessels through the ceasefire window ending April 22. Oil plunged nearly 10%. Bitcoin surged 4.97% to $77,884, briefly touching $78K — a two-month high.
Global crypto market cap jumped 3.79% in 24 hours to nearly $2.77 trillion. Inflation fears around energy basically evaporated overnight, and institutional buyers showed up again.
The thing is, this wasn't a crypto story. It was a geopolitics story. The same event that tanked oil pumped BTC. That says a lot about what Bitcoin actually is now.
Bitcoin doesn't need its own catalyst anymore. A ceasefire, a shipping lane reopening, oil collapsing — BTC moves like a leveraged macro bet. The people still calling it speculative aren't watching the same order flow as the desks putting real money to work. Geopolitics is moving the price more than halvings now. That's not a meme coin. That's an asset class.