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Bitcoin held near $64,000 on Wednesday even as U.S. equities reached record highs and oil prices declined on optimism over negotiations aimed at restoring safer passage through the Strait of Hormuz.
Bitcoin was little changed over 24 hours and seven days after trading near an August high of $64,176. Ether was also flat at about $1,873 but remained 1.8% lower over the previous week.
Dow Gains 907 Points as S&P 500 Reaches Record High
The Dow Jones Industrial Average gained 907.47 points on Tuesday to close at a record 54,085.88. The S&P 500 added 136.02 points to reach a record 7,736.52, while the Nasdaq Composite rose 671.10 points to 26,584.99.
Artificial intelligence-linked companies led the advance after strong earnings and forecasts lifted technology and industrial stocks. Palantir and Caterpillar were among the largest contributors to the rally.
The gains extended into Asia, where Japan’s Nikkei rose about 3% and South Korea’s Kospi advanced 4.1%. Bitcoin remained inside a narrow trading range rather than following equities higher.
Brent Falls to $78.27 as Hormuz Talks Progress
Brent crude declined to about $78.27 a barrel, down sharply from its July peak of roughly $102. U.S. crude fell to approximately $74.50, while the 10-year Treasury yield declined to 4.603%.
U.S. Treasury Secretary Scott Bessent said an agreement involving the Strait of Hormuz could be reached within days. Secretary of State Marco Rubio said progress had been made in talks involving Iran and Oman but confirmed that no final agreement had been reached.
Lower oil prices eased immediate inflation concerns and supported stocks and government bonds. The negotiations nevertheless remained unresolved on Wednesday.
Bitcoin ETFs Add $170M While BTC Stays Range-Bound
U.S. spot Bitcoin exchange-traded funds recorded about $170.1 million in net inflows on Monday, led by approximately $111 million entering BlackRock’s IBIT. Bitcoin recovered toward $64,000 but did not move decisively beyond its recent range.
Strategy also disclosed that it sold 1,638 BTC for $104.73 million between July 27 and August 2 at an average price of $63,957. The sale reduced its holdings to 842,138 BTC.
Alternative.me’s Crypto Fear and Greed Index stood near 25, placing sentiment in the “fear” category rather than extreme fear. Bitcoin remained near $64,000 as markets awaited further developments in the Hormuz negotiations.
