Bitcoin hits $80,529 after Trump launches "Project Freedom" amid Strait of Hormuz tensions.

Bitcoin surged to $80,529, breaking the $80,000 resistance level, following U.S. President Donald Trump's announcement of "Project Freedom" to aid stranded cargo ships in the Strait of Hormuz. This initiative aims to safely guide foreign vessels through the tense waterway amid U.S.-Iran conflicts. The rally caused a short squeeze, liquidating over $160 million in Bitcoin shorts and more than $300 million across the crypto market. Meanwhile, U.S. spot Bitcoin ETFs saw their fifth consecutive week of inflows, signaling growing institutional interest. Investors now await the May 7 U.S. jobless claims report, which could influence Federal Reserve policy and market direction.