Bitcoin Surges Past $64,000 as Hopes for Hormuz Agreement Weigh on Oil Prices

Bitcoin's price surged past $64,000 on Wednesday as hopes for an agreement on the Strait of Hormuz weighed on oil prices.

US President Donald Trump said a deal could emerge soon involving Iran and Oman, with the US participating indirectly in the negotiations. However, major terms remained unresolved, including cargo fees and the right to collect payments from ships using routes under Iran's control.

The proposed agreement aimed to establish separate routes for ships entering and leaving the Gulf while longer-term talks continued. A 60-day framework was discussed, with both parties required to clear naval mines within 30 days. However, several issues remained unresolved, including Washington's opposition to cargo fees and Iran's demand for an end to the US blockade of its ports.

Oil prices fell below $75 per barrel as traders assessed the possible reopening of the major shipping route, easing part of the inflation concern tied to the conflict. The shift supported risk assets, including Bitcoin and major US stock indexes.