Bitcoin, Ethereum Rally on Improved Market Sentiment

Bitcoin and Ethereum prices opened higher on Thursday, August 6, as investors moved back toward riskier assets while negotiations linked to Iran and the Strait of Hormuz continued. The weaker-than-expected July jobs report from ADP also helped support crypto prices by reducing expectations of a possible US interest rate increase at the Federal Reserve's next meeting.

Bitcoin opened at $64,602.32 on Thursday, up 0.9% from Wednesday's opening price. Ethereum, however, opened at $1,906.96, up 2.1% from Wednesday's opening price, according to Yahoo Finance.

The situation around the Strait of Hormuz is a major factor in market sentiment. Any improvement could reduce concerns about a fresh energy shock and lead investors to put more money into riskier assets like cryptocurrencies.

Bitcoin remains far below its record high of $126,198.07, reached on October 6, 2025. At around $64,000 on Thursday morning, it's roughly half the value of that peak. Ethereum also fell short, trading at less than half of its all-time high of $4,953.73, reached in August 2025.