Bitcoin dug in at $64,000 as geopolitical winds shifted. Word that the Strait of Hormuz might reopen to oil traffic sent U.S. equities soaring, with the S&P 500 index hitting a fresh record of $70 trillion in market capitalization.
The move shows how macro currents still drive crypto markets. When oil concerns ease and risk appetite picks up, investors rotate capital across asset classes. Bitcoin's steadiness at the $64K level, rather than a sharp rally, suggests traders are sizing up the durability of the momentum. The broader equity surge, however, signals confidence that supply chain pressures may finally be easing after months of tension in one of the world's most critical chokepoints.
For crypto, this matters because oil shocks and geopolitical friction typically push money toward safe havens or digital assets seen as inflation hedges. A reopening of Hormuz could dampen inflation expectations, which might cool some of bitcoin's appeal as a hedge. Yet the cryptocurrency's firm footing at current levels shows it's holding its own even as traditional markets steal the spotlight with fresh all-time highs.
