Hormuz Hopes Lift Bitcoin Above $64,200

Bitcoin's price has stabilized above $64,200 after a 0.9% gain, driven by hopes for a potential agreement to reopen the Strait of Hormuz.

The largest cryptocurrency by market capitalization had been trading within a narrow range as investors monitored geopolitical developments in the Middle East and their impact on global markets.

The positive news from the region has bolstered investor appetite for high-risk assets, including digital currencies, despite ongoing market pressures.

However, market gains were partially restrained by new sell orders executed by Strategic, a major holder of Bitcoin, and the fallout from a recent cyberattack targeting a digital asset service provider.