Hormuz Agreement Sparks Hope for Crypto Rally
Reports of a potential U.S.-Iran agreement on shipping through the Strait of Hormuz have pushed global stocks to new highs and lowered oil prices. The development has sparked hopes for another short-term rally in the crypto market, but traders remain cautious.
The proposed deal would allow ships entering the Gulf to travel through Iranian waters while outbound vessels use Omani waters, with no transit fees charged during a 60-day period. Both countries would begin clearing naval mines before discussing a permanent arrangement.
Crypto has reacted positively to similar developments this year, with Bitcoin climbing around 4% after a temporary U.S.-Iran ceasefire in April 2026 and Ethereum gaining around 6.5%. Institutional demand remains steady, with spot Bitcoin ETFs attracting $170.09 million in net inflows at the start of the week.
On-chain analyst Ali Charts notes that Bitcoin's network activity is improving, with weekly active addresses rising 20% to more than 720,000. He predicts a move toward $65,500 and even $66,500 if the price breaks above $64,300.