Bitcoin touches $78,000 as Iran declares Strait of Hormuz 'completely open'

A geopolitical breakthrough and strong ETF inflows converged to lift crypto markets on Friday. Iran's state news agency used the phrase 'completely open' to describe the Strait of Hormuz, pushing Brent crude down sharply and sending risk assets higher. Bitcoin touched $78,000 intraday, up roughly 4% on the day, before settling just below that level. The Defiant highlights that the move was disproportionately driven by short covering — Coinglass data shows $593M in bearish positions liquidated in the same session — rather than fresh spot demand, leaving the rally's sustainability in question.