Digital Asset Treasury Firms Lead Crypto Stock Rally as Bitcoin Reaches $78,000

A sharp increase in crypto-linked stocks occurred on Friday, driven by digital asset treasury firms, as progress in ending the Iran conflict boosted risk assets and sent bitcoin to a two-month high of $78,000. US President Donald Trump announced that Iran had committed to keeping the Strait of Hormuz open, a crucial artery for global energy markets, and that peace talks were progressing. Reports of the US considering unfreezing $20 billion in Iranian assets and acquiring Iran's enriched uranium further enhanced sentiment. As a result, crude oil prices dropped 13% to near $80 per barrel. The reopening of the Strait of Hormuz is seen as a risk-on signal for global markets, according to Matt Mena, a senior crypto research strategist. Bitcoin broke out from a two-month range, climbing to $78,000 and rising nearly 5% over 24 hours. Major altcoins, including ether, Solana, and XRP, posted 4%-5% gains. Crypto-related equities, particularly crypto treasury firms, experienced significant gains, with some rising over 20%. Other digital asset-related stocks, such as Coinbase and Galaxy, also advanced, with the Nasdaq and S&P 500 reaching new record levels.