Bitcoin Holds Steady Above $64K Amid Strait of Hormuz Developments

Bitcoin held steady above $64,000 on Wednesday as global equities set new records. The recovery looked restrained compared to traditional markets, with oil prices declining due to progress toward reopening the Strait of Hormuz. This development strengthened risk sentiment but did not boost Bitcoin's price significantly.

The MSCI All Country World Index rose 0.4% towards another record close, while the wider crypto index remained nearly unchanged. Large-cap altcoins showed mixed results, with some rising and others falling. ZEC led the way among gainers, increasing by over 6.5%, while HYPE reached $58 and PUMP surged 12%.

Tether's market capitalization contracted by $4 billion in 60 days, indicating capital outflows from the crypto space. Bitcoin's implied volatility remained high at 36%, leaving traders waiting for a clearer catalyst to drive prices up or down.