BTC Hits $64K as US-Iran Tensions Ease, S&P 500 Surpasses $70T

Bitcoin (BTC) traded at around $64K on Tuesday as markets reacted to US-Iran tensions easing. US Treasury Secretary Scott Bessent said there's a chance traffic through the Strait of Hormuz could restart as soon as Wednesday, and President Donald Trump confirmed dialogue for a waterway reopening.

Oil prices dropped sharply in response, with WTI and Brent crude trading 4.8% and 4.6% lower respectively at the time of writing, hitting their lowest levels since July 13.

The S&P 500 index reached new record highs, surpassing a market cap of $70 trillion for the first time.

As investors wait for future Federal Reserve policy decisions, markets see 56.7% odds of central bank policymakers approving a 0.25% rate hike at its September meeting.