Bitcoin Hits August High as Hormuz Reopening Hopes Lift Markets
Bitcoin climbed above $64,000 to a new August high as hopes that the Strait of Hormuz could reopen to oil traffic eased geopolitical concerns and boosted global risk assets.
BTC reached about $64,176, gaining roughly 1%, after US Treasury Secretary Scott Bessent said an agreement to reopen the strategic waterway could come within days.
Oil prices fell sharply, with WTI and Brent crude dropping nearly 5% to their lowest levels since July 13. Meanwhile, the S&P 500 reached a record 7,713 points, pushing its total market capitalization above $70 trillion for the first time.
Bitcoin’s gains remained modest compared with equities, with the cryptocurrency trading between key moving averages. Onchain data nevertheless indicated strong accumulation, as investors acquired about 155,000 BTC at prices between $62,000 and $65,000. $BTC
Bitcoin climbed above $64,000 to a new August high as hopes that the Strait of Hormuz could reopen to oil traffic eased geopolitical concerns and boosted global risk assets.
BTC reached about $64,176, gaining roughly 1%, after US Treasury Secretary Scott Bessent said an agreement to reopen the strategic waterway could come within days.
Oil prices fell sharply, with WTI and Brent crude dropping nearly 5% to their lowest levels since July 13. Meanwhile, the S&P 500 reached a record 7,713 points, pushing its total market capitalization above $70 trillion for the first time.
Bitcoin’s gains remained modest compared with equities, with the cryptocurrency trading between key moving averages. Onchain data nevertheless indicated strong accumulation, as investors acquired about 155,000 BTC at prices between $62,000 and $65,000. $BTC