Hormuz Uncertainty Sinks Bitcoin Price as Yen Hits Historic Lows

Bitcoin's price dropped below $64,500 on Monday after the Wall Street open as markets digested uncertainty over whether the Strait of Hormuz would reopen.

The Japanese yen continued to weaken against the US dollar, nearing historic lows at 159. Economist Mohamed El-Erian warned that more decisive government policy action from Japan was required to fix the currency 'mispricing'.

Analysts pointed out that despite exceptionally strong institutional inflows into Bitcoin, including $865 million in ETF inflows last week, the attempted price rebound remains tentative.