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 with daily gains of about 1%, marking new August highs into Tuesday's Wall Street open as Hormuz reopening hopes lifted risk assets.
- US Treasury Secretary Scott Bessent told CNBC a deal to reopen the Strait of Hormuz could come "today or tomorrow," potentially restoring oil traffic by Wednesday and moving toward "a more normalized position" in the US-Iran situation.
- President Donald Trump confirmed the waterway reopening dialogue a day earlier, saying it could happen "as soon as tomorrow."
- WTI and Brent crude dropped 4.8% and 4.6% respectively, hitting their lowest levels since July 13 as traders priced in restored supply flows.
- The S&P 500 hit a record high of 7,713, pushing its market cap to $70 trillion for the first time.
- CME FedWatch data shows 56.7% odds of a 0.25% Fed rate hike at the September FOMC meeting; Bloomberg's Michael Ball said Fed Chairman Kevin Warsh's limited guidance means "upcoming data, oil prices and the bond market will have a greater influence" on expectations.
- CryptoQuant reported "strong accumulation," with 0.7% of BTC supply (around 155,000 coins) held by investors with a cost basis between $62,000 and $65,000, pointing to "absorption rather than capitulation."
Why it matters: Bessent's "today or tomorrow" Hormuz timeline sent the S&P 500's market cap past $70 trillion for the first time and crude to its lowest since July 13, while Bitcoin tagged $64,000 — traders are rapidly pricing geopolitical normalization even as September Fed hike odds sit at 56.7%, keeping the policy path unresolved.
