There was a surge in the value of Bitcoin following reports of Iran opening up the Strait of Hormuz for commercial traffic.
Bitcoin reached the highest point since February, the price of oil declined, the Dow climbed to new heights, and the yield on the 10-year U.S. Treasury note fell to 4.24%, but there was one problem—the markets treated the reopening of the Strait as if it settled the core dispute between the two parties.
A closer look reveals that the reopening is temporary, the blockade continues, mine clearance operations continue, and there are many questions about what Iran has promised.
This will have even greater significance over the coming weekend when U.S. stocks and Treasuries close for the weekend, while Bitcoin trading continues.
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