The Bitcoin price has flipped green today, rising above the psychological $73,000 level. This follows an announcement that the U.S. military has begun a mine clearance mission in the Strait of Hormuz, a positive development as the U.S. and Iran negotiate to end the six-week war.
Bitcoin Price Recovers as U.S. Clears Mines In Strait of Hormuz
The Bitcoin price is currently trading above $73,000, from an intraday low of $72,600, according to TradingView data. The leading crypto rose as the U.S. Central Command (CENTCOM) announced its mine clearance mission in the Strait of Hormuz.
In an X post, CENTCOM revealed that military forces had begun preparing to clear mines in the Strait of Hormuz as two U.S. Navy guided-missile destroyers conducted operations. These ships transited the passageway as part of the mission to ensure that this major oil chokepoint is clear of the mines, which Iran claimed to have set during the U.S.-Iran war.
As CoinGape earlier reported, the Strait of Hormuz had remained effectively closed despite the U.S.-Iran ceasefire. The traffic at this major oil chokepoint remained low as there were still concerns about the mines that Iran had laid in the shipping lanes. The move to clear the mines is a positive for the Bitcoin price and the broader crypto market, as it could further drive oil prices lower.
“Today, we began the process of establishing a new passage, and we will share this safe pathway with the maritime industry soon to encourage the free flow of commerce,” CENTCOM commander Adm. Brad Cooper said. It is worth noting that the announcement follows U.S. President Donald Trump’s Truth Social post, in which he said they had begun clearing the Strait of Hormuz.
U.S. And Iran Currently In Negotiations To End War
The move to clear the mines in the Strait of Hormuz comes as the U.S. and Iran hold peace talks in Pakistan to end the six-week war. This is another development that has also sparked optimism in the crypto market, with Bitcoin price almost 10% since the U.S. and Iran first agreed to peace talks as part of the two-week ceasefire.
There has yet to be any confirmation from either side on the progress of the peace talks or on whether they are close to reaching a deal to end the war. The Financial Times had earlier reported that both sides had reached a stalemate over proposed joint control of the Strait of Hormuz. However, this has yet to be confirmed with the meeting still ongoing.
Meanwhile, crypto traders are betting that the U.S.-Iran conflict could soon end amid these peace talks. There is currently a 73% chance the conflict will end by April 15 and a 78% chance it will end by April 30.
