Bitcoin Price Edges Lower as Geopolitics Take Center Stage

Bitcoin's price remained muted on Thursday at around $64,216.1, down 0.3% from the previous day.

The broader crypto market was also largely stagnant, with sentiment towards the sector remaining lukewarm due to sharp losses earlier this year and a shift in investor attention to artificial intelligence stocks.

Investors were keeping a close eye on geopolitical developments, particularly hopes for a deal to reopen the Strait of Hormuz, which could potentially improve oil flows and ease concerns about inflation.

The prospect of reopening the Hormuz Strait pulled down oil prices, but this had little direct impact on Bitcoin's price. However, it did contribute to improved market sentiment, which in turn affects speculative assets like crypto.

Bitcoin has been trading within a tight range around $60,000 since the onset of the US-Israel war on Iran in late-February and is still 50% off its October record high.