Bitcoin Dithers as Hormuz Deal Looms

Bitcoin's price ticked up slightly to $64,300.6 on Wednesday, but remained within a tight trading range as investors weighed growing hopes for a deal to reopen the Strait of Hormuz.

The US is reportedly close to announcing a deal with Oman and Iran to resume navigation through the waterway, which has sparked deep losses in oil prices but also risk-on moves in markets.

Crypto markets took fleeting support from this trend, with some investors favoring artificial intelligence stocks over speculative plays. Appetite for tech stocks was furthered by strong earnings from the sector and bargain buyers who drew in after July losses.