Gate News report: Bitcoin and the broader cryptocurrency market rebounded on Wednesday after reports indicated that the United Arab Emirates is willing to join the U.S. and its allies to forcibly reopen the Strait of Hormuz and push the United Nations Security Council to pass a related authorization resolution. This move is expected to ease investors’ concerns that a prolonged Iran conflict could lead to a long-term disruption of oil supplies.
According to The Wall Street Journal, the UAE is urging the UN Security Council to approve the use of force to reopen the Strait of Hormuz, and is calling on the U.S., Europe, and Asian allies to form a coalition to directly participate in the operation. This comes as Iran launches multiple attacks, making the UAE the first Gulf country to clearly signal its willingness to participate directly in the fighting. Analysts warn that Iranian attacks may increase in the short term, but in the long run, they could help bring the situation under control.
On Tuesday, President Trump confirmed that the U.S. will gradually withdraw from the Iran conflict within 2 to 3 weeks, and plans to end the U.S.-Iran conflict within 4 to 6 weeks—even if the Strait of Hormuz remains largely closed. Meanwhile, Iranian President Masoud Pezeshkian said Iran is ready to end the war but needs to receive security guarantees. The news quickly boosted the market, driving Bitcoin and other major crypto assets higher.
Bitcoin’s price rose by more than 1% over the past 24 hours, now standing at $68,223. Trading volume increased by 15%, lifting major cryptocurrencies such as Ethereum, Ripple, and Solana slightly higher. Investors are watching for a potential rebound in risk appetite as the situation improves, and they are looking ahead to the nonfarm payroll data to be released this Friday to gauge the crypto market’s next direction.
The UAE’s push to reopen the Strait of Hormuz, along with the potential end of the U.S.-Iran war, provides near-term tailwinds for Bitcoin and the overall cryptocurrency market. As geopolitical tensions ease, market sentiment is expected to recover, and investors may soon find new opportunities to reposition their portfolios.
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