Hormuz Opens: Bitcoin Rises, Oil Plunges

Iran's Foreign Minister Seyed Abbas Araghchi announced via X on Friday that the Strait of Hormuz is "completely open" to all commercial vessels for the duration of the current ceasefire. US President Donald Trump confirmed the passage opening on Truth Social the same day.

According to market data, Bitcoin (BTC) briefly spiked to $77,037 following the announcement, extending a roughly 5% weekly recovery. Brent crude oil futures dropped approximately 10% to around $85 per barrel.

Geopolitical Relief: Short-Term Tailwind for Crypto

The Strait of Hormuz carries over 20% of global oil shipments, and threats of closure had fueled risk-aversion across markets. The easing of that threat temporarily boosted risk appetite among crypto investors. However, the US-Israel-Iran ceasefire is set to expire April 22, keeping the possibility of renewed escalation as an ongoing overhang.

Ethereum Foundation: 100 North Korean Operatives Found in Web3

The Ethereum Foundation revealed it funded a six-month investigation that identified 100 North Korean IT workers who had infiltrated Web3 organizations under fake identities.

Through its ETH Rangers program launched in late 2024, the foundation supported the Ketman Project, which investigated fraudulent developers embedded in crypto. The project identified 100 DPRK IT workers operating in Web3 and alerted approximately 53 projects that may have unknowingly employed them.

The Ethereum Foundation called this work a direct response to "one of the most pressing operational security threats facing the Ethereum ecosystem today."

CFTC Chair: No Slowdown Despite Vacant Seats

CFTC Chair Michael Selig testified before the House Agriculture Committee that he would not pause rulemaking on digital assets or prediction markets despite operating as the agency's sole commissioner since December.

"For the sake of the American people, we cannot slow down in our rulemaking," Selig said, declining to commit to halting regulation until a bipartisan panel is restored. As of Thursday, President Trump had not announced nominations to fill the four vacant commissioner slots.

Outlook [Expert Analysis]

All three developments converge as near-term directional signals for crypto markets. If the ceasefire extends beyond April 22, sustained oil weakness and improved risk appetite could support further BTC gains. A breakdown in negotiations, however, could reverse this trend rapidly.

The Ketman Project's findings are likely to accelerate due diligence requirements in Web3 hiring, with potential short-term friction for smaller projects seeking capital. On the regulatory front, rules finalized under a single-commissioner CFTC carry reversal risk as the agency's composition changes, adding long-term policy uncertainty for market participants.