The stock of Strategy (NASDAQ: $MSTR) is up 12% on April 17 as the price of Bitcoin (CRYPTO: $BTC) trades as high as $78,000 U.S.
BTC is up 4% and has broken firmly above $77,000 U.S. for the first time since early February of this year. The breakout has catapulted higher the stock of serial Bitcoin acquirer Strategy.
The catalyst for Bitcoin’s move upwards has been news that Iran has fully reopened the Strait of Hormuz, a waterway where 20% of the world’s crude oil is shipped.
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The Strait of Hormuz had been closed since the U.S. and Israel attacked Iran on Feb. 28, sending oil prices soaring and hurting both stocks and cryptocurrencies.
BTC breaking through resistance at $76,000 U.S. is positive for Strategy, which is the world’s largest owner of Bitcoin.
Until now, Bitcoin had struggled to break above $76,000 U.S. and had retreated to $75,000 U.S. or lower each time it breached that level.
Strategy’s stock is also gaining on April 17 as the company is now back in profit on its Bitcoin holdings, with an average purchase price of $75,577 U.S.
MSTR stock is now trading above its 200-week moving average, a long-term trend indicator that smooths price data over four years.
Bitcoin has rallied more than 20% since the U.S. and Iran announced a two-week ceasefire, and the largest cryptocurrency is now trading above its 100-day moving average of $74,774 U.S.
Currently changing hands at $167.40 U.S., MSTR stock remains down 47% over the last 12 months.