Bitcoin coils at $64K as Hormuz reopening timeline sends S&P 500 to $70T record

Bitcoin saw new August highs into Tuesday’s Wall Street open as markets bet on US-Iran tensions again easing.Key points:Bitcoin (BTC) edges higher as optimism over the Strait of Hormuz reopening pushes stocks to new all-time highs.Oil prices drop to their lowest levels since July 13 with oil traffic potentially returning on Wednesday.BTC acts between two daily moving averages as analysis sees “strong accumulation.”S&P 500 tops $70 trillion market cap to new highData from TradingView showed BTC/USD climbing to $64,176 on Bitstamp, marking maximum daily gains of around 1%.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewOil prices reacted immediately after US Treasury Secretary Scott Bessent suggested that traffic through the Strait of Hormuz could restart as soon as Wednesday.Bessent told CNBC that there was “a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position” in the US-Iran war amid ongoing talks between the two sides.The comments came a day after US President Donald Trump confirmed the waterway reopening dialogue, saying that this could happen “as soon as tomorrow.”WTI and Brent crude traded 4.8% and 4.6% lower,...