Bitcoin Price Slips Below $64,500 Amid Strait of Hormuz Uncertainty
Bitcoin's price slipped below $64,500 on Monday after Wall Street opened amid uncertainty over whether the Strait of Hormuz would reopen. This move mirrored US stocks, which initially fell as the odds of reopening the oil route appeared to fade.
Data from TradingView showed BTC/USD hitting $64,447 on Bitstamp, its lowest since Friday, before a modest rebound. The Japanese yen also commanded attention, continuing to weaken against the US dollar despite an earlier joint intervention by Japan and the US. USD/JPY hit 159 on Monday, nearing the psychological boundary of 160.
Economist Mohamed El-Erian warned that more decisive government policy action from the Japanese side would be required to fix the currency 'mispricing.' He noted that the longer Japan delays in doing so, the more elusive the goal of this historic intervention becomes.
Bitcoin analysts warned that the attempted BTC price rebound 'remains tentative' despite some promising signals. Glassnode's latest Market Pulse update highlighted weak spot-market momentum as one key missing component of a sustainable recovery. Institutional inflows were noted to be 'exceptionally strong,' with US spot Bitcoin exchange-traded funds (ETFs) recording net inflows of $865.3 million last week.