Why Bitcoin Made a Breakthrough on Friday
A sharp easing of geopolitical tensions on Friday led to a relief rally in financial assets considered to be risky. This particularly benefited cryptocurrencies, and even more particularly was a boon for Bitcoin (CRYPTO: BTC). It broke through a fairly narrow range it had been trading in for weeks, and as of 4 P.M. Eastern time that day, it was up by 3% to over $77,000 -- a level it hasn't touched since February.
That morning, both U.S. and Iranian officials announced that the Strait of Hormuz was open, at least for the 10 days of the recently agreed ceasefire between Israel and Lebanon. Although President Trump said the American blockade of the Strait would remain in force, some vessels were confirmed to have transited its waters.
Image source: Getty Images.
Source Fool.com
