The general crypto market surged 4% on Friday, adding over $100 billion in value following Iran’s announcement that it has reopened the Strait of Hormuz to commercial ships for the duration of the ongoing ceasefire between the US and Iran.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Iran’s Foreign Minister Seyed Abbas Araghchi wrote in an X post on Friday.

US President Donald Trump also commented on the development, confirming in a Truth Social post that Iran had reopened the strategically important…