Bitcoin reached its highest level since early February following a series of statements from the United States and Iran that fueled optimism about a potential resolution to Middle East conflicts.

Bitcoin broke through the upper limit of its trading range, which had persisted since the outbreak of hostilities in late February, surpassing the $78,000 mark for the first time since February 3. At one point, Bitcoin rose by 3.8% to $78,155.

Other digital assets also advanced, with Ethereum increasing by 3.3% and XRP rising by 2.4%, reflecting a broader recovery in risk appetite. Stock markets gained as traders increased their exposure to risk after Iran announced that the Strait of Hormuz was "fully open" to commercial shipping. Meanwhile, oil prices and the U.S. dollar declined.

"The reopening of the Strait of Hormuz is the risk-on signal global markets have been waiting for," stated Matt Mena, Senior Crypto Research Strategist at 21Shares. "By removing one of the world's most critical geopolitical bottlenecks, Iran has effectively unlocked significant liquidity and bolstered investor confidence."