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Bitcoin surged beyond the $78,000 mark on Friday, April 17, reaching its strongest level since the start of February. The move was driven by renewed assurances from Iran that the strategic Strait of Hormuz remains open to commercial shipping for the duration of the existing ceasefire agreement.
Iran’s Foreign Minister Seyed Abbas Araghchi said via X that the passage for all commercial vessels through the Strait of Hormuz is “completely open” for the remaining period of the ceasefire, following a coordinated route already announced by Iran’s Ports and Maritime Organisation.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through 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.”
President Donald Trump also referenced the development on Truth Social, saying negotiations to resolve the US-Israel-Iran conflict are “mostly complete,” with remaining issues expected to be settled within the weekend.
Bitcoin hit an intraday high of $78,343, up about 4.1% during the session. Over the week, BTC recovered roughly 5%, according to CoinMarketCap and TradingView data.
Other major cryptocurrencies rose alongside Bitcoin. Ethereum gained 3.3% and XRP advanced 2.4%, contributing to a broader risk-on tone across international markets.
In traditional markets, Brent crude oil contracts fell by about 10% to roughly $85 per barrel. The S&P 500 index also climbed, adding about $7 trillion in market value over the previous three weeks, according to The Kobeissi Letter.
Spot Bitcoin ETFs saw continued inflows. Wu Blockchain reported that US-based spot Bitcoin ETFs accumulated $664 million in net capital on April 17, marking the fourth consecutive session of positive inflows. Spot Ethereum ETFs attracted $127 million, extending a seven-day streak of inflows.
BlackRock has been buying Bitcoin for eight straight days, purchasing $284 million worth on April 17. Total purchases were reported at $1.34 billion over eight days.
Strategy Inc. also continued large-scale accumulation, adding $2.6 billion in Bitcoin over the past two weeks. Strategy’s stock rose as much as 16% on Friday, its largest single-session increase since February 6.
Shares of Coinbase Global climbed up to 8%, while Galaxy Digital gained more than 10% during the same session.
Investment banks and brokerages also moved further into crypto-related products. Goldman Sachs submitted documentation for a Bitcoin ETF this week, described as its first direct entry into cryptocurrency investment products. Charles Schwab said it plans to introduce spot cryptocurrency trading capabilities in 2026 and indicated clients might consider allocating up to 8.8% of investment portfolios to Bitcoin.
Morgan Stanley introduced its proprietary Bitcoin-tracking ETF last week, positioning it as the first major banking institution to launch such a product.
21Shares’ senior crypto research strategist Matt Mena described the Strait of Hormuz reopening as “the risk-on signal the global markets have been waiting for.” FalconX derivatives trader Bohan Jiang said Strategy’s accumulation strategy has provided market support during recent trading periods.
Despite the rally, geopolitical risks remain. The ceasefire agreement is scheduled to end on April 22. US authorities have indicated the naval blockade will remain in place until a comprehensive agreement is finalized, while Iran warned it could close the Strait again if the blockade persists.
Axios reported that US officials are evaluating the release of up to $20 billion in frozen Iranian assets in exchange for Iran relinquishing its enriched uranium inventory.
Derivatives indicators suggested traders were not fully complacent. Funding rates for perpetual futures were negative on Friday. Put options at $60,000 and $50,000 were reported to be priced with substantial premiums, consistent with hedging demand.
Polymarket participants estimated the probability of Bitcoin reaching $80,000 during the month at 65% as of Friday, April 17.
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