Bitcoin Rises on Strait of Hormuz Deal Speculation

Bitcoin opened the week in positive territory, rising 0.54% to $65,209 as investors tracked a 0.45% rise in Nasdaq 100 index futures.

The move was reportedly buoyed by speculation from the Middle East that Iran is ready to strike a deal with Oman to reopen the Strait of Hormuz, which has eased tensions and boosted sentiment.

Despite this, the altcoin market remains cautiously optimistic but not yet moving, with the altcoin season indicator sitting at 37/100. This suggests that capital is still concentrated in Bitcoin, and meaningful rotation into smaller tokens will require a break out of its current range.