Bitcoin rallies past $74,000 as Trump ends Strait of Hormuz blockade, fueling market optimism
Bitcoin rallied after U.S. President Donald Trump announced an end to the naval blockade in the Strait of Hormuz amid a U.S.-Iran ceasefire extension, with reports noting prices above $74,000.
President Donald Trump announced that the United States will lift its naval blockade of the Strait of Hormuz and that ships may begin returning home, after negotiators agreed to extend the U.S.-Iran ceasefire by 60 days [1] [2] [3].
Following the announcement, Bitcoin climbed into the green and rose above the psychological $74,000 level, with several outlets reporting the cryptocurrency trading near $74,000 in the immediate aftermath [3] [4] [5].
Coverage linked the price move to optimism about easing geopolitical tensions and potential stabilization in oil markets, while some reports noted that Iran’s use of Bitcoin could prompt increased regulatory scrutiny of cryptocurrencies [4] [1].
News of the blockade being lifted coincided with a quick market reaction that saw Bitcoin reclaim the $74,000 area as geopolitical pressure eased, according to multiple reports [5] [3].
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Citations
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- 1Trump says US lifting naval blockade as ships may start heading homeCrypto Briefing• May 29, 2026
- 2BREAKING: Donald Trump Announces Lifting of Iran Sanctions – Hot Moments UnfoldingBitcoin Sistemi• May 29, 2026
- 3Bitcoin Price Surges as Trump Says Strait of Hormuz Blockade Will Be LiftedCoinGape• May 29, 2026
- 4Bitcoin hits $74,000 as Trump lifts Strait of Hormuz naval blockadeCrypto Briefing• May 29, 2026
- 5BREAKING: Bitcoin snaps back to $74,000 as Trump ends Hormuz naval blockadecrypto.news• May 29, 2026
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