Quick overview

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The cryptocurrency market is posting modest gains this Friday, with investor sentiment supported by a ceasefire between Israel and Lebanon, as attention remains focused on developments in the Middle East conflict.

In this context, Bitcoin (BTC) is up 3.3% to $77,500, according to Binance. On a weekly basis, the leading cryptocurrency has gained 6.3%, reaching its highest level in two and a half months.

Ethereum (ETH) is following a similar trend, rising 3.8% to $2,430. Meanwhile, altcoins have pared earlier gains of up to 5% and are now trading with more moderate advances, led by XRP (+2.2%), BNB (+1.6%), and Dogecoin (+1.6%).

Strait of Hormuz reopens amid ongoing tensions

Crypto markets extended gains after Iran announced the reopening of the Strait of Hormuz to all commercial vessels during the ceasefire period. According to authorities in Tehran, the move follows the temporary halt in hostilities in Lebanon, set to last 10 days.

After welcoming the reopening, U.S. President Donald Trump emphasized that U.S. restrictions on Iranian ports will remain in place until a lasting peace agreement is reached.

Trump also indicated that Washington and Tehran are expected to hold a new round of negotiations over the weekend, adding that “there is a strong chance of a deal.”