Bitcoin Taps $64K as Hormuz Reopening Lifts Risk Assets

Bitcoin (BTC) traded near $64K as the Strait of Hormuz reopening boosted risk assets. The cryptocurrency pushed to fresh August highs, with TradingView marking a peak at $64,176 on Bitstamp.

The price move came as the US Treasury Secretary hinted at a possible deal to open the Strait and normalize positions between the US and Iran. Oil prices reacted quickly, falling 4.8% and 4.6% for WTI and Brent crude respectively.

Market attention focused on the US-Iran developments, oil price moves, and how they could shape expectations for the Federal Reserve. The FedWatch Tool showed a 56.7% probability of a 0.25% rate hike at the September meeting.

CryptoQuant reported 'strong accumulation' among investors, with 155,000 coins in the $62,000-$65,000 cost-basis band. This signals absorption rather than capitulation, as buyers were accumulating during weakness instead of selling under pressure.