Bitcoin Holds Firm at $64K Amid Strait of Hormuz Negotiations
Bitcoin stabilized above $64,000 on Wednesday after repeatedly testing the $62,000 area since August began. Despite global equities hitting fresh records, Bitcoin's recovery looked restrained, exposing lingering crypto-specific weakness.
The progress toward reopening the Strait of Hormuz lowered oil prices and strengthened risk sentiment, but BTC added only about 0.16% from midnight UTC. The market is watching geopolitical negotiations closely, as a Hormuz agreement could remove one immediate threat without necessarily restoring the capital and conviction missing from digital assets.
Large-cap altcoins offered no unified response to the Strait of Hormuz developments. ETH, BNB, and SOL moved slightly higher, while XRP, TRX, DOGE, RAIN, ADA, XMR, and XLM declined. ZEC rose more than 6.5% toward $520, HYPE reached $58, and PUMP surged 12% to $0.0025.
Tether's market capitalization contracted by $4 billion over 60 days, signaling that money had been leaving crypto even as Bitcoin moved sideways. Implied volatility stayed near 36%, leaving traders positioned for upside but waiting for employment data and Strait of Hormuz developments to determine whether stability becomes momentum or another failed pause.