Hormuz Deal Hopes Lift Bitcoin Above $64k Amid Ongoing Crypto Uncertainty

Bitcoin held steady above $64k on Wednesday as markets digested growing hopes for a deal to reopen the Strait of Hormuz.

The world's largest currency edged higher by 0.8% to $64,829.1 by 16:58 ET (20:58 GMT), but remained within a tight trading range amidst ongoing uncertainty in the crypto markets.

A potential deal to reopen the key waterway has sparked risk-on moves and optimism in oil prices, but investors remain cautious due to the lack of clear fundamentals in cryptocurrencies.

In related news, Bitcoin exchange-traded funds (ETFs) saw improving capital inflows in August, with $381.6 million in total inflows so far this month, following July's $172.4 million inflows.