Bitcoin Flat at $64,000 as Stocks Print Records and Hormuz Deal Nears
Key Takeaways
- •Bitcoin traded just above $64,000 with a gain of less than 1%, remaining roughly 49% below its October peak of $126,000.
- •Global equity indexes reached new records, with the S&P 500 and Dow closing at all-time highs and MSCI's Asia Pacific benchmark rising 2.2%.
- •Brent crude declined approximately 1.1% to $78.50 per barrel after reports emerged that Washington, Tehran, and Oman were close to an agreement to reopen the Strait of Hormuz.
- •Cryptocurrencies have failed to rally on positive macroeconomic catalysts for three straight sessions, which analysts attribute to internal market dynamics rather than external factors.
- •BNB led major cryptocurrencies over a seven-day period with a 5% gain, while Ether was the only major token in the red with a 2% weekly decline.
Major cryptocurrencies held steady on Wednesday even as global stock indexes pushed to fresh records on renewed enthusiasm for artificial intelligence-related shares, leaving digital assets out of a rally they would typically follow. Bitcoin has tended to move in positive correlation with equities and other risk assets over the past several years, making the current divergence unusual.
Bitcoin (BTC) traded just above $64,000, up less than 1% on the day and roughly flat over the past seven days. The largest cryptocurrency remains approximately 49% below the $126,000 peak it reached last October. Ether (ETH) slipped to $1,864 and is down 2% on the week, making it the only major token in the red over that period.
Among other majors, XRP fell nearly 1% to $1.07, dogecoin dropped a similar amount to just under 7 cents, and tron declined less than 1% to 33 cents. Solana was flat near $73.60. BNB added over 1% to $598, leading the majors over seven days with a 5% gain. Hyperliquid's HYPE token was the standout performer, rising 3% to nearly $56 and posting a 3% weekly advance.
Global equities moved in the opposite direction. MSCI's All Country World Index rose 0.4% toward another record close, while its Asia Pacific benchmark gained 2.2%. Australian shares hit a new peak after the S&P 500 and Dow both closed at all-time highs on Tuesday.
In individual equities, SK Hynix rose 6.4% after the Seoul open and Nvidia added over 2% in after-hours trading. AMD dropped 9% on a soft sales outlook, and SpaceX fell 7.5% on higher projected AI spending.
Brent crude declined 1.1% to approximately $78.50 a barrel after Axios reported that Washington, Tehran, and Oman were close to an agreement to reopen the Strait of Hormuz, a chokepoint through which roughly a fifth of global oil consumption normally transits, with an announcement targeted for Wednesday. Treasuries and gold both advanced as traders trimmed bets on further rate hikes.
Cheaper oil, easing rate expectations, and a strong risk-on bid in equities have now failed to move crypto for three straight sessions. Analysts say this points to the drag being driven by internal market dynamics rather than macroeconomic factors.
The potential Hormuz announcement represents the cleanest macro catalyst crypto will receive this week. A market that cannot rally on a confirmed deal — after failing to rally on the prospect of one — would signal that buyers remain elsewhere.
Source: CoinDesk