Bitcoin Price Holds Near $64,000 as Strait of Hormuz Reopening Boosts US Stocks

August 4, 2026 · Markets · CryptoRefuge Team

Bitcoin Price Holds Near $64,000 as Strait of Hormuz Reopening Boosts US Stocks

Live market snapshot (at publish): BTC $64,039 (+0.3% 24h) · ETH $1,873.34 (+0.3% 24h)

The potential reopening of the Strait of Hormuz has sent shockwaves through global markets, with Bitcoin's price holding near $64,000 and US stocks gaining prior to the open.

$64,176 Bitcoin's current price, as the market weighs the potential impact of the Strait of Hormuz reopening. The S&P 500 index has hit a new record high of 7,713, driven by the potential reopening of the Strait of Hormuz and its expected effect on global trade and oil prices.

The S&P 500 index surge is accompanied by a decrease in oil prices, with 4.8% and 4.6% drops in WTI and Brent crude oil, respectively.

"a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position" — Scott Bessent, US Treasury Secretary The market anticipates increased supply, and the odds of central bank policymakers approving a 0.25% rate hike are currently at 56.7%.

The Bitcoin market is watching the development closely, as the potential reopening of the Strait of Hormuz could lead to increased economic activity and higher demand for the cryptocurrency. With the current price holding near $64,000, investors are weighing the potential impact of this development on the market, considering a cost basis of around $62,000 and $65,000.

Analysis: If the Strait of Hormuz reopens, it could lead to increased economic activity and higher demand for Bitcoin, potentially driving the price up. A break below $62,000 would signal a potential downturn in the market, while a rise above $65,000 could indicate a bullish trend. The market will be closely watching the development of the Strait of Hormuz reopening and its potential impact on global trade and oil prices, with a key level to watch being the $65,000 resistance.