Cryptocurrencies, Bitcoin surpass $80,000

Cryptocurrencies

Cryptocurrencies surged on Monday, with Bitcoin hitting its highest level in over three months, as markets closely monitored developments related to the Strait of Hormuz.

US President Donald Trump announced that the US would begin directing ships not involved in the conflict through the Strait of Hormuz. In response, a senior Iranian official warned that Tehran would consider any US intervention in the strait a violation of the ceasefire agreement, according to AFP.

Bitcoin rose 1.65% to $80,055 at 8:46 AM Makkah time, paring gains slightly after reaching $80,393 earlier, its highest level since January 31.

Meanwhile, Ethereum climbed 1.90% to $2,378.12, and Ripple rose 1.45% to $1.4132.