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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Gate Daily Report (May 7): The White House will announce Bitcoin reserves “in the next few weeks”; Samourai co-founder calls for crypto donations
Bitcoin (BTC) gave back the overnight gains, trading at around $81,000 as of May 7. White House adviser Patrick Witt said the latest update on the U.S. Bitcoin reserve will be released “within the next few weeks.” Samourai Wallet co-founder called for donations of Bitcoin from the federal prison, and President Trump’s hopes for a pardon are slim.
MarketWhisper27m ago
American Bitcoin Q1 financial report: Bitcoin reserves rise to 7,021, with a net loss of $82 million
According to reports by Bloomberg and Reuters on May 7, American Bitcoin Corp. (ABTC), a Bitcoin mining company supported by the Trump family, released its first-quarter 2026 financial results, posting a net loss of $82 million, widening from a $59 million loss in the fourth quarter of 2025; its mining output for the quarter was 817 BTC, and as of March 31 total Bitcoin holdings rose to 7,021 BTC.
MarketWhisper49m ago
Project Eleven Warning: 6.90 million BTC face a quantum threat, with Q-Day earliest in 2030
In the post-quantum security space, the startup Project Eleven published a report on May 6, warning that the earliest possible arrival of the quantum computers surpassing the critical point of modern cryptography (Q-Day) may be as early as 2030, with a probability exceeding 50% for occurrence by 2033. The report also estimates that, under certain conditions, around 6.9 million bitcoins face potential quantum attack risk, and it calls on the cryptocurrency ecosystem to accelerate the anti-quantum migration process.
MarketWhisper53m ago
JPMorgan Chase Allows Bitcoin Collateral for Home Loans, Reversing 18-Month-Old Stance
According to CoinDesk, on May 7 at Consensus, Eric Trump said JPMorgan Chase is now allowing customers to use Bitcoin holdings as collateral for home loans, reversing its position from 18 months ago when it called BTC a "joke asset." Trump, co-founder of American Bitcoin, noted that Bank of America
GateNews1h ago
Grant Cardone Adds $100M Bitcoin to Balance Sheet Alongside Real Estate at Consensus
According to CoinDesk, real estate investor Grant Cardone announced on May 7 at the Consensus conference that his firm added $100 million in Bitcoin to its balance sheet as part of a $235 million real estate acquisition. The purchase builds on an earlier Bitcoin investment made earlier in 2025,
GateNews1h ago
Project Eleven Warns Q-Day Could Arrive as Early as 2030
Project Eleven published a report on Wednesday proposing that the inflection point of quantum computers breaking modern encryption, often referred to as "Q-Day," could come as early as 2030, with a breakthrough described as "more likely than not" by 2033. The startup, focused on post-quantum securit
CryptoFrontier1h ago
