Crypto
Home›Crypto›Market Structure›Bitcoin slips below $64,500 as US-Iran uncertainty and…
Bitcoin slips below $64,500 as US-Iran uncertainty and oil jump weigh
WTI crude rose nearly 5% to $80.9 per barrel as hopes for reopening the Strait of Hormuz faded, while BTC/USD fell to a Bitstamp low of $64,447.
Bitcoin wobbled after the US market open, slipping below $64,500 as investors digested more uncertainty around US-Iran developments, according to Cointelegraph. BTC/USD hit $64,447 on Bitstamp, its lowest level since Friday, before a modest rebound.
Cointelegraph linked the move to expectations around the Strait of Hormuz oil route, after a deputy speaker for Iran’s Islamic Consultative Assembly, Ali Nikzad, said the “opening of the Strait of Hormuz has no military solution,” as quoted by Al Jazeera and others. US WTI crude was up by almost 5% on the day to $80.9 per barrel, while the S&P 500 index reversed to turn green, though it remained below Friday’s all-time highs.
Cointelegraph also pointed to continued yen weakness against the US dollar, with USD/JPY reaching 159 and nearing the 160 level as markets moved into Asia trading. The outlet cited economist Mohamed El-Erian warning that Japan would need more decisive government policy action to address what he described as currency mispricing after an earlier joint Japan-US FX intervention.
On the crypto market side, Cointelegraph said Bitcoin analysts characterized any attempted rebound as tentative. It referenced Glassnode’s Market Pulse update, which said momentum has returned toward neutral, spot taker buying accelerated, but centralized exchange turnover remains subdued, leaving recovery momentum lacking.
Latest closeWTI crude $78.07 ▲3.8%|Bitcoin $63,866.43 ▼1.5%|S&P 500 7,709.96 ▼0.2%