Bitcoin near $64K as Hormuz talks lift S&P 500 to $70T

Bitcoin held near $64,000 on Tuesday after comments that the Strait of Hormuz could reopen eased geopolitical risk, sending oil prices lower and helping push the S&P 500’s market capitalization past $70 trillion. Market data showed BTC/USD reached about $64,176 earlier in the session, up roughly 1% on the day.

U.S. Treasury Secretary Scott Bessent said there was “a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position.” President Donald Trump added the channel could reopen “as soon as tomorrow.”

West Texas Intermediate and Brent crude both fell about 4.6%–4.8%, marking their lowest levels since July 13.

U.S. equity futures rose before the open, and the S&P 500 advanced to a record 7,713 as investors priced in lower energy risk.

Analysts said the prospect of shipping returning through the Strait affected market expectations for Federal Reserve policy because lower oil prices can alter inflation and growth forecasts. Futures markets placed roughly a 57% probability on a 25 basis-point rate hike in September.

A macro strategist noted limited forward guidance from the Fed means incoming economic data, oil price moves and the bond market will carry greater weight in shaping rate expectations.

Bitcoin’s price action remained more muted than stocks. On hourly charts the 21-day simple moving average around $64,388 acted as resistance while the 50-day simple moving average provided support, leaving the coin in a narrow range. Onchain analytics firm CryptoQuant reported “strong accumulation,” saying about 0.7% of the circulating Bitcoin supply — roughly 155,000 coins — is held by investors with a cost basis between $62,000 and $65,000 and that the pattern “points to absorption rather than capitulation, as buyers accumulated into weakness.”

Traders flagged that lower oil prices and a calmer shipping route remove one source of macro uncertainty that had been supporting risk premia. Equity benchmarks extended gains, while bond yields and currency flows will be watched for signals about policy.

The Strait of Hormuz is a strategic chokepoint for global oil shipments; disruptions there typically lift energy prices and market volatility. Bitcoin has at times moved differently from equities during shifts in macro risk, and current onchain indicators show accumulation in the low-$60,000 range as stocks reached new highs.