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Bitcoin holds near $64K as Hormuz reopening hopes lift risk assets
BTC/USD traded around $64,176 on Bitstamp, while WTI and Brent were about 4.8% and 4.6% lower on the day before the Strait of Hormuz restart timeline.
Bitcoin held near the $64,000 level in early trading after renewed hopes that the Strait of Hormuz could reopen as US-Iran tensions ease, according to Cointelegraph.
BTC/USD rose to about $64,176 on Bitstamp and was up roughly 1% on the day, while oil moved lower, with WTI and Brent down about 4.8% and 4.6% respectively at the time of writing, marking their lowest levels since July 13.
US Treasury Secretary Scott Bessent said there was a chance of progress “today or tomorrow” that could reopen the strait and move toward a more normalized position, Reuters? no, per Cointelegraph citing his remarks on CNBC.
Cointelegraph also noted US stock momentum, with S&P 500 futures gaining and the cash index hitting a record high of 7,713 and a market capitalization of $70 trillion for the first time, alongside shifting expectations for the Federal Reserve. Markets were pricing 56.7% odds of a 0.25% rate hike in September, and CryptoQuant said onchain data showed “strong accumulation.”
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%|Bitcoin $78,754.20 ▲1.3%