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Bitcoin soars to its highest level in nearly 4 weeks amid the Hormuz blockade Yesterday, U.S. futures opened in the red as America decided to blockade the Hormuz Strait. However, everything turned around dramatically afterward, with the S&P 500 closing up over 1%, reaching its highest level since the Iran war began. BTC erased the losses from the weekend, increasing by more than 5% on the day, surpassing $74K. The mood improved significantly thanks to: The Trump administration rejected this proposal, demanding that the moratorium be 20 years. - President Trump stated that Iran had contacted him and they “want to reach an agreement.” He also emphasized that there would be no agreement allowing Iran to possess nuclear weapons. 2️⃣ The U.S. blocks the Hormuz Strait but only targets Iranian oil - The U.S. Navy began enforcing the blockade on Iranian ports. President Trump warned that violating Iranian ships would be destroyed. - Maritime tracking data showed that 2 ships had to turn back at the strait as soon as the blockade took effect. - The U.S. asserts that the blockade only targets ships entering/exiting Iranian ports, aiming to cut off export revenue and block ships paying fees to Iran. According to analyses, the Hormuz blockade puts pressure on global oil flows but also reduces Iran's exports by ~2 million barrels per day. This pressure can be seen as a fatal blow to Iran's economy, forcing Tehran to come to the negotiating table soon. Meanwhile, Pakistan continues diplomatic efforts to ease tensions. According to various sources, the next direct negotiation round between the U.S. and Iran may be held again in the capital Islamabad on Thursday (16/4).$BTC $ETH $BNB #CryptoMarketRebounds