Bitcoin Price Dips Below $65K Amid Strait of Hormuz Uncertainty
The Bitcoin price slipped below $64,500 on Monday after the Wall Street open as markets digested uncertainty over whether the Strait of Hormuz would reopen.
The Strait of Hormuz is a crucial oil route that connects the Middle East to global markets. Iran's deputy speaker Ali Nikzad stated that there was 'no military solution' to the situation, which fueled concerns about a prolonged closure.
The US WTI crude oil price surged by almost 5% on the day, reaching $80.90 per barrel. This increase in oil prices may have contributed to the decline in Bitcoin's value, as investors sought safer assets.
Despite this, some analysts remain optimistic about Bitcoin's prospects. Glassnode noted 'exceptionally strong' institutional inflows into US spot Bitcoin exchange-traded funds (ETFs), which reached $865.3 million last week.