Hormuz Deal Fails to Bolster Bitcoin Beyond $64k

Bitcoin's price continued its mild recovery on Wednesday, edging up to $64,305.6 after increasing by 1%. This comes as markets grapple with a recent high-profile hack and further sales from top corporate Bitcoin holder Strategy.

The world's largest currency remains within a tight trading range despite the uptick in price. The optimism surrounding a potential deal to reopen the Strait of Hormuz has sparked a risk-on move in markets, but crypto has only taken fleeting support from this trend.

According to Axios, the U.S. is negotiating with Oman and Iran to announce a deal to reopen the key waterway by as soon as Wednesday. However, separate Iranian media reports show Tehran warning that a deal could be delayed over continued U.S. threats in the region.