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Bitcoin holds above $78,000 amid tensions in the Strait of Hormuz
Bitcoin held above $78,000 on Thursday as investors weighed ongoing geopolitical tensions in the Strait of Hormuz, despite the extension of the ceasefire between the United States and Iran.
The world’s largest cryptocurrency was trading up 0.2% at $78,166.2 as of 06:46 GMT.
Prices rose above $79,000 on Wednesday, reaching the highest level since early February.
Tensions between the US and Iran persist despite truce; oil rises
Donald Trump on Tuesday extended the ceasefire with Iran, stepping back from plans to resume military strikes, although uncertainty remains as Tehran has not formally accepted the extension and criticizes the ongoing US naval blockade of its trade routes.
Iran’s Islamic Revolutionary Guard Corps seized two container ships in the Strait of Hormuz on Wednesday, tightening control over a key energy chokepoint. Iranian forces also opened fire on three vessels in the area.
The ongoing standoff is keeping global energy markets on edge, with oil prices holding above $100 per barrel.
Asian stock markets and Wall Street futures declined on Thursday morning.
Nevertheless, cryptocurrencies received stronger support, primarily due to renewed institutional demand.
MicroStrategy Inc (NASDAQ:MSTR) continued aggressive crypto accumulation, announcing another multi-billion-dollar purchase this week.
GSR launches first multi-asset crypto ETF
GSR said on Wednesday it launched its first exchange-traded fund, Crypto Core3 ETF (BESO), marking its entry into asset management.
The US-listed fund offers actively managed exposure to Bitcoin, Ethereum, and Solana and can generate additional yield through staking.
GSR said the ETF will rebalance weekly based on research signals and charge a 1% management fee, targeting growing demand for diversified crypto investment products.
Crypto prices today: altcoins fall; Cardano down 3%
Most altcoins fell on Thursday as rising oil prices pressured overall risk sentiment.
The second-largest cryptocurrency Ethereum fell 1.7% to $2,350.41.
The third-largest cryptocurrency XRP dropped 2.3% to $1.42.
Cardano declined 3%, while Polygon and Solana each fell 2%.
Among meme tokens, Dogecoin declined 1.5%.
See also: "The largest investment company BlackRock purchased $906 million worth of Bitcoin"
