CoinTelegraph
Bitcoin coils at $64K as Hormuz reopening timeline sends S&P 500 to $70T record
August 4, 2026•01:38 PM
Bitcoin coils around $64,000 as hopes of the Strait of Hormuz reopening to oil traffic sent the S&P 500 index to a record $70 trillion market cap. The cryptocurrency reached new August highs into Tuesday's Wall Street open as markets bet on US-Iran tensions again easing, with BTC/USD climbing to $64,176 on Bitstamp.
The positive market sentiment reflects growing confidence in geopolitical stability, benefiting both traditional and cryptocurrency markets. Bitcoin's approximately 1% daily gain indicates how crypto markets are increasingly responding to global events, particularly those affecting oil markets and international relations. This correlation suggests traditional market movements are having a stronger influence on crypto prices as institutional adoption continues to grow.
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