Bitcoin coils at $64K as Hormuz reopening timeline sends S&P 500 to $70T record
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- Bitcoin climbed to $64,176 on Bitstamp (up ~1%) as the prospect of the Strait of Hormuz reopening boosted risk assets broadly.
- Treasury Secretary Scott Bessent told CNBC there was "a chance we may have a deal today or tomorrow to open the Strait" amid ongoing US-Iran talks, suggesting oil traffic could restart as soon as Wednesday.
- WTI and Brent crude dropped 4.8% and 4.6% respectively to their lowest levels since July 13 in immediate reaction to Bessent's comments.
- The S&P 500 hit a new record high of 7,713, pushing its market cap to $70 trillion for the first time as US stock futures gained before the open.
- Fed officials show an emerging hawkish split, with CME's FedWatch Tool pricing 56.7% odds of a 0.25% rate hike at the September FOMC meeting.
- CryptoQuant reported "strong accumulation" — 0.7% of BTC supply (~155,000 coins) now sits with investors whose cost basis is between $62,000–$65,000, signaling "absorption rather than capitulation."
Why it matters: Bessent's Hormuz reopening signal sent WTI crude down 4.8% — yet the risk-on rally it triggered pushed September Fed rate-hike odds to 56.7% per CME's FedWatch, creating a hawkish policy tension that could check the very stocks-and-Bitcoin rally the deal is supposed to deliver.
