Reopening the Strait of Hormuz would be a positive factor for Bitcoin prices and cryptocurrencies.

According to Axios and Reuters, Iranian and American officials have conducted in-depth negotiations aimed at ending the ongoing war that has resulted in thousands of deaths.

Reports indicate that countries, including Israel, will agree to a 50-day ceasefire, which could lead to the end of the war. This agreement would halt fighting and reopen the Strait of Hormuz, through which 20% of the world's total crude oil passes.

Data from the PolyMarket platform shows that the probability of traffic returning through the strait to normal in April has increased to 16%, the highest since last Friday. Although this is an improvement, it means most traders expect the strait to remain closed for a longer period.