Bitcoin stabilizes at $64,176 while the S&P 500 reaches a record $70 trillion market cap amid easing US-Iran tensions.
Bitcoin traded near $64,176, up 1% on the day, as optimism over the reopening of the Strait of Hormuz lifted risk assets. The S&P 500 surged to a $70 trillion market capitalization, a new all-time high, following reports of potential oil traffic resumption as early as Wednesday.
Oil prices dropped sharply, with WTI and Brent crude falling 4.8% and 4.6%, respectively, to their lowest levels since July 13. US Treasury Secretary Scott Bessent indicated a deal to reopen the strait could be reached within days, easing supply concerns.
BTC remained rangebound between two daily moving averages, with analysts noting strong accumulation patterns. The cryptocurrency’s price action mirrored broader market sentiment as geopolitical risks appeared to recede.