Bitcoin Price Surges as Trump Says Strait of Hormuz Blockade Will Be Lifted

The Bitcoin price is in the green today, rising above the psychological $74,000 level following U.S. President Donald Trump’s statement that the U.S. will lift the naval blockade in the Strait of Hormuz. This follows the agreement that the U.S. and Iranian negotiators reached to extend the U.S.-Iran ceasefire by 60 days.

Bitcoin Price Jumps as Trump Says They Will Lift Strait of Hormuz Blockade

The BTC price has surged above $74,000 and is currently trading at around $74,100, up on the day, according to TradingView data. BTC rose sharply from an intraday low of around $72,500 following President Trump’s statement about lifting the blockade in the Strait of Hormuz.

In a Truth Social post, the president stated that they will lift the naval blockcade at the Strait of Hormuz, a move that signals plans to descalate tensions in the U.S.-Iran war. He also mentioned that they have reached an agreement on other items that are of far less importance and that he will be meeting in the Situation Room to make a final determination of the draft agreement.

As CoinGape reported, the U.S. and Iran have reached a deal to extend the ceasefire by 60 days, which is pending President Trump’s approval. As part of the deal, both sides have agreed to reopen the Strait of Hormuz, which has been at the center of the 3-month-long U.S.-Iran war.

Meanwhile, the Bitcoin price is also rising as President Trump signaled that they had made headway towards reaching an agreement on Iran’s nuclear program. He stated that the U.S. will work in close coordination with Iran to destroy the enriched uranium.

Iranian Sources Reject Trump’s Claims

According to Iran’s Fars Agency, Iranian sources have rejected President Trump’s new claims about a possible deal, describing his remarks as a “mixture of truth and lies” and an attempt to declare a fake victory for the U.S. These sources also revealed that the agreement with the U.S. is in the final stages of ratification and that Iran has yet to make a final decision.

The BTC price pared some of its gains following this revelation, with Bitcoin dropping below $74,000. The Bitcoin price also dropped as these sources said that Iran has stressed it will reopen the Strait of Hormuz according to its own pre-determined arrangements, even after the U.S. lifts its naval blockade.

Meanwhile, contrary to President Trump’s claims that they have agreed to destroy Iran’s enriched uranium, the Iranian sources said that there is no provision like this in the Memorandum of Understanding. They described these claims as fundamentally baseless.