Bitcoin built on $64,000 as hopes of the Strait of Hormuz reopening to oil traffic sent the S&P 500 index to a record $70 trillion market cap.
Bitcoin saw new August highs into Tuesday’s Wall Street open as markets bet on US-Iran tensions again easing.
Data from TradingView showed BTC/USD climbing to $64,176 on Bitstamp, marking maximum daily gains of around 1%.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Oil prices reacted immediately after US Treasury Secretary Scott Bessent suggested that traffic through the Strait of Hormuz could restart as soon as Wednesday.
Bessent told CNBC that there was “a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position” in the US-Iran war amid ongoing talks between the two sides.
The comments came a day after US President Donald Trump confirmed the waterway reopening dialogue, saying that this could happen “as soon as tomorrow.”
WTI and Brent crude traded 4.8% and 4.6% lower, respectively, at the time of writing, hitting their lowest levels since July 13.
CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView
US stocks futures gained prior to the open, which in turn saw the S&P 500 index hit a new record high of 7,713, with its market cap reaching $70 trillion for the first time.
S&P 500 index one-hour chart. Source: Cointelegraph/TradingView
Analysts noted resolution of the Hormuz closure as one factor apt to influence market sentiment when it came to future Federal Reserve policy decisions. Amid an emerging hawkish split between Fed officials on interest rates, markets see 56.7% odds of central bank policymakers approving a 0.25% rate hike at its September meeting, per data from CME Group’s FedWatch Tool.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on cointelegraph.com
