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BTC Bounces on Diplomatic Hopes and Oil Production Boost

Guavy AI Editorial Team
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BTC OP
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Bitcoin is trading near $64,100 on Wednesday, buoyed by renewed institutional inflows and hopes for a diplomatic breakthrough between the United States and Iran.

The conflict has weighed heavily on financial markets, but US Treasury Secretary Scott Bessent said Washington could reach an agreement with Tehran to reopen the Strait of Hormuz by Tuesday or Wednesday.

OPEC+ decided to increase oil production from September, which pushed crude oil prices to their lowest level since June 13. Lower oil prices can reduce inflationary pressure and ease expectations that the Federal Reserve will pursue additional monetary tightening.

Institutional demand for Bitcoin is showing signs of recovery after US-listed spot BTC ETFs recorded inflows for a second consecutive day, attracting $211.50 million on Tuesday, following $170.09 million in net inflows on Monday.

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