Bitcoin Surges Past $64K as Hormuz Reopening Sparks S&P 500 Record

Bitcoin climbed to $64,176 as hopes of the Strait of Hormuz reopening to oil traffic drove the S&P 500 to a record $70 trillion market cap. TradingView data showed BTC/USD hitting a new August high with ~1% daily gains. US Treasury Secretary Scott Bessent's comments suggesting a possible deal to reopen the Strait 'today or tomorrow' sent oil prices tumbling 4.8% (WTI) and 4.6% (Brent). The S&P 500 surged to 7,713, marking the first time its market cap exceeded $70 trillion. Analysts highlighted the Hormuz reopening as a key factor shaping Fed expectations, with a 56.7% probability of a 0.25% rate hike in September. Bitcoin remained rangebound near $64,000, supported by its 21 and 50-day SMAs. CryptoQuant noted 'strong accumulation' with 155,000 BTC held by investors at $62K-$65K levels.

Markets are interpreting this as absorption, not capitulation. The Fed's limited guidance on its 'reaction function' will make future data, oil prices, and bond markets the primary drivers of policy expectations.