Bitcoin jumped to as high as $78,100 on Friday after U.S. President Donald Trump said the Strait of Hormuz was "completely open and ready for business," echoing earlier comments from Iran's foreign minister Seyed Abbas Araghchi that commercial vessel passage had resumed under a ceasefire.

The move marks a roughly two-and-a-half-month high for bitcoin, which last traded above $78,000 before sliding from about $90,000 to $60,000 in early February. By mid-morning, BTC began to settle at around $77,700.

Other major cryptocurrencies saw slightly higher gains, with Ethereum (ETH), XRP (XRP), and Dogecoin (DOGE) all gaining more than 5% in the last 24 hours, according to The Block's crypto price data, helping to lift the total crypto market cap back over the $2.7 trillion mark.

Equities also pushed higher, with the S&P 500 hitting a fresh high near 7,125, while oil futures fell sharply from around $91 at Thursday’s close to under $81 this morning.

That said, the reopening is tied to a 10-day ceasefire, and Trump said a U.S. naval blockade targeting Iran would remain in place, causing some uncertainty around how "open" the strait will be in practice. In a follow-up post on Truth Social, Trump wrote that "Iran has agreed to never close the Strait of Hormuz again."

Risk-on signal

21Shares strategist Matt Mena called the reopening a "risk-on signal," adding that if the current momentum can hold, the $80,000 to $85,000 range for bitcoin is "on the table for April."

On prediction platform Polymarket, bettors have also grown more confident in those levels, with odds for BTC reaching $80,000 in April nearly doubling from 35% to 68% in the past few hours.

Still, the rally comes against a backdrop of caution, with sentiment remaining in "extreme fear," with analysts warning that the move higher has yet to be fully supported by demand. Analysts have also pointed to the $78,000 level as a rough near-term resistance zone, with sustained gains dependent on stronger spot demand and broader macro follow-through.