Bitcoin Price Slips Below $65,000 Amid Hormuz Uncertainty
Bitcoin price dropped below $64,500 on Monday as markets reacted to uncertainty over the Strait of Hormuz oil route reopening. The BTC/USD price fell to its lowest point since Friday, before recovering slightly.
The Japanese yen continues to weaken against the US dollar, nearing historic lows despite a joint intervention by Japan and the US earlier this month. Economist Mohamed El-Erian warned that more decisive government policy action from the Japanese side is required to stabilize the currency.
Despite institutional inflows of $865 million into US spot Bitcoin exchange-traded funds (ETFs), analysts warn that the attempted price rebound remains tentative. Onchain analytics platform Glassnode noted weak spot-market momentum and subdued centralized exchange turnover, indicating a broader consolidation regime rather than a broad-based expansion in speculative activity.