Bitcoin Stuck in Neutral as Global Stocks Hit New Highs

Bitcoin hovered just above $64,000 on Wednesday despite global stock indexes reaching fresh records. The leading cryptocurrency is roughly flat over the past week and still about 49% below its October peak.

The major cryptocurrencies, including Bitcoin and Ether, showed little change in price despite the renewed enthusiasm for artificial-intelligence-related shares driving equities to new highs. Analysts suggest that crypto's current drag may be driven by internal market dynamics rather than macroeconomic factors.

Global stock indexes pushed to fresh records on Wednesday, with MSCI's All Country World Index rising 0.4% toward another record close and the Australian shares hitting a new peak after the S&P 500 and Dow both closed at all-time highs Tuesday.

The Strait of Hormuz deal announcement is closely watched by traders, which could provide a clean macro catalyst for crypto if confirmed. However, even with cheaper oil, easing rate expectations, and a risk-on equity bid failing to lift digital assets over the past three sessions, analysts believe that the buyers are elsewhere in the market.