Bitcoin Surges Above $64,316 Amid Easing Geopolitical Tensions
Bitcoin continued its upward momentum on Wednesday, surpassing the $64,316 level as investors regained confidence in the cryptocurrency. The surge was largely attributed to easing geopolitical tensions between the United States and Iran, which had previously raised concerns about energy market pressures.
US Treasury Secretary Scott Bessent stated that Washington could reach an agreement with Iran to reopen the Strait of Hormuz by Tuesday or Wednesday. Meanwhile, Axios reported a potential 60-day agreement between the US, Iran, and Oman to regulate shipping through the waterway.
The OPEC+ decision to increase oil production starting in September also contributed to the decline in crude prices. This shift reduced expectations of further interest rate hikes by the Federal Reserve, weighing on the US dollar and bolstering risk-sensitive assets like Bitcoin.
Institutional investors continued to drive demand for Bitcoin, with US spot ETFs recording net inflows of $211.49 million on Tuesday. Market participants anticipate sustained or accelerating ETF inflows will reinforce the cryptocurrency's recovery and potentially lead to higher resistance levels being tested.