Bitcoin (BTC) rose above $64,000 on Tuesday as improving sentiment over the possible reopening of the Strait of Hormuz lifted global financial markets, while the S&P 500 reached a record $70 trillion market capitalization.
The world’s largest cryptocurrency climbed to an intraday high of $64,176, posting gains of around 1% as investors responded positively to signs of easing geopolitical tensions between the United States and Iran.
Market sentiment improved after US Treasury Secretary Scott Bessent said there was a possibility that shipping through the Strait of Hormuz could resume as early as Wednesday if ongoing negotiations with Iran progressed.
His remarks followed comments by US President Donald Trump, who also indicated that talks on reopening the strategic waterway were advancing.
The prospect of renewed oil shipments pushed crude prices sharply lower. WTI crude fell nearly 4.8%, while Brent crude declined 4.6%, marking their lowest levels since July 13.
Lower oil prices also supported equity markets, helping the S&P 500 Index climb to a record high of 7,713 points, with its total market capitalization surpassing $70 trillion for the first time.
Investors are also closely monitoring US monetary policy. According to CME Group’s FedWatch Tool, markets currently assign a 56.7% probability that the Federal Reserve will raise interest rates by 25 basis points at its September meeting.
Analysts believe future inflation data, oil prices, and bond market movements will heavily influence the Fed’s policy decisions.
Despite the positive market environment, Bitcoin continues to trade within a relatively narrow range around $64,000.
On-chain analytics platform CryptoQuant reported continued “strong accumulation” by investors. Around 155,000 BTC, representing approximately 0.7% of Bitcoin’s circulating supply, is now held by investors whose average purchase price lies between $62,000 and $65,000.
The data suggests buyers have been accumulating Bitcoin during recent price weakness rather than selling, indicating continued confidence in the cryptocurrency’s longer-term outlook.
