As expectations grow for the reopening of the Strait of Hormuz, a key route for crude oil transport, cryptocurrency prices are rising across the board. Bitcoin is nearing $75,000.
As of 8 a.m. on the 17th, on CoinMarketCap, a global coin market tracking site, bitcoin was at $74,349, up 1.65% from 24 hours earlier. On Feb. 24, bitcoin fell to $62,000 and then rebounded about 25%.
Ethereum, the No. 2 by market cap, is up 6.72% at $2,341. Solana is up 3.13% at $95, and Ripple is up 6.33% at $1.54, each in transaction.
The rise in cryptocurrency prices is seen as due to falling oil prices on expectations that the Strait of Hormuz will reopen. On the day, West Texas Intermediate (WTI) April delivery fell 5.28% to $93.5 per barrel. In turn, the three major U.S. New York stock indexes also closed higher together.