Bitcoin
Bitcoin holds $64K as Hormuz reopening hopes lift S&P 500 to $70T record
Easing US-Iran tensions and expectations of restored oil traffic through the Strait of Hormuz boosted equities and supported Bitcoin near $64,000.
Bitcoin climbed to $64,176 on Tuesday as markets positioned for a potential near-term resolution to the Strait of Hormuz closure. US Treasury Secretary Scott Bessent told CNBC that traffic through the waterway could restart within days, prompting immediate moves across risk assets. Oil prices fell sharply in response, with WTI and Brent crude dropping 4.8% and 4.6% respectively to their lowest levels since mid-July.
The positive sentiment lifted US equities to fresh records, with the S&P 500 index reaching 7,713 and a market capitalization of $70 trillion for the first time. Bitcoin's price action remained comparatively muted, with gains of around 1% as the pair stayed anchored by its 21-day simple moving average.
Analysts highlighted the Hormuz situation as one variable likely to shape near-term expectations for Federal Reserve policy. Market pricing via CME Group's FedWatch Tool showed 56.7% odds of a 0.25% rate hike at September's FOMC meeting. Bloomberg macro strategist Michael Ball noted that uncertainty around Fed guidance means oil prices and bond market signals will carry outsized weight in shaping investor expectations for the policy path ahead.
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