BTC Surges Past $64,000 as US Stocks Hit Records and Oil Prices Plummet

Bitcoin (BTC) surged past $64,000 on August 5th, reaching an all-time high of $64,126 at 8:40 a.m., according to CoinMarketCap. The move was driven by the US New York stock market hitting record highs.

The Dow Jones Industrial Average rose 907.47 points, or 1.71%, to finish at 54,085.88, while the Standard & Poor's (S&P) 500 added 136.02 points, or 1.79%, to 7,736.52. The tech-heavy Nasdaq composite advanced 671.10 points, or 2.59%, to 26,584.99.

A sharp drop in international oil prices also contributed to the increase in risk appetite for assets like bitcoin. Brent crude futures settled at $79.36 a barrel on the ICE Futures Exchange, down 5.3% from the prior session, while West Texas Intermediate (WTI) futures fell 5.7% to $75.77 a barrel.