Bitcoin wobbled with US stocks as Iran deflated hopes on the reopening of the Strait of Hormuz oil route, while analysis praised “exceptionally strong” institutional BTC inflows.
Bitcoin (BTC) slipped below $64,500 after Monday’s Wall Street open as markets digested more US-Iran uncertainty.
Data from TradingView showed BTC/USD hitting $64,447 on Bitstamp, its lowest since Friday, before a modest rebound.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
This mirrored US stocks, which initially fell as the odds of the Strait of Hormuz oil route reopening appeared to fade.
Addressing Iran’s Islamic Consultative Assembly, deputy speaker Ali Nikzad said that the “opening of the Strait of Hormuz has no military solution,” as quoted by Al Jazeera and others.
US WTI crude oil was up by almost 5% on the day at $80.90 per barrel at the time of writing, while the S&P 500 index nonetheless reversed to turn green, still below Friday’s all-time highs.
CFDs on US WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
Attention also remained focused on the Japanese yen, which continued to weaken against the US dollar despite an earlier rare joint intervention by Japan and the US. USD/JPY hit 159 on Monday, nearing the psychological boundary of 160 before the end of the week’s first Asia session.
Economist Mohamed El-Erian warned that more decisive government policy action from the Japanese side would be required.
“The yen has been weakening gradually since the large joint Japan-US FX intervention, a sharp reminder that the key to fixing a currency ‘mispricing’ is getting the policy mix right. The longer Japan delays in doing so, the more elusive the goal of this historic intervention becomes,” he wrote in a post on X.
USD/JPY four-hour chart. Source: Cointelegraph/TradingView
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