Bitcoin Mired at $64k as Hormuz Hopes Fizzle

Bitcoin remained largely stagnant at around $64,000 on Wednesday as hopes for a U.S.-Iran deal to reopen the Strait of Hormuz dwindled. The world's largest cryptocurrency fell 0.4% to $63,995.1 by 09:51 ET (13:51 GMT), continuing its trend of trading within a narrow range.

The consumer price index in the U.S. rose 3.4% from a year earlier, down from 3.5% in June and matching economists' estimates. Core CPI, which excludes volatile food and energy costs, climbed 0.2% month-over-month and 2.5% year-over-year, both in line with expectations.

The inflation data came amid concern that an energy-driven price shock could reignite inflation and push the Federal Reserve toward raising interest rates. However, weaker-than-expected July employment data has cast doubt on the likelihood of a rate hike at the central bank's September meeting.