Bitcoin flat at $64,000 as stocks print records and Hormuz deal nears
Abstract:Equities hit records while SK Hynix rose 6.4% and Nvidia gained over 2% after hours, though AMD fell 9% on a soft outlook and SpaceX dropped 7.5% on higher AI spending projections. Brent crude slid 1.1% to about $78.50 after reports that Washington, Tehran and Oman were close to an agreement to reopen the Strait of Hormuz, possibly announced Wednesday. Treasuries and gold advanced as traders trimmed rate-hike bets. Bitcoin sits roughly 49% below last October‘s $126,000 peak and is falling this week. Cheaper oil, easing rate expectations and a risk-on equity bid have failed to move crypto for three straight sessions, pointing to internal weakness. Wednesday’s potential Hormuz announcement is the clearest macro catalyst; if crypto cannot rally on a confirmed deal after failing on the prospect, buyers are elsewhere.
SK Hynix rose 6.4% after the Seoul open and Nvidia added over 2% after hours, though AMD dropped 9% on a soft sales outlook and SpaceX fell 7.5% on higher projected AI spending.
Brent crude fell 1.1% to about $78.50 a barrel after Axios reported Washington, Tehran and Oman were close to an agreement to reopen the Strait of Hormuz, with an announcement targeted for Wednesday. Treasuries and gold both advanced as traders trimmed bets on further rate hikes.
Equities are printing records while bitcoin sits roughly 49% below the $126,000 it reached last October, and the second-largest asset is falling on the week.
Cheaper oil, easing rate expectations and a risk-on equity bid have now failed to move crypto for three straight sessions, which points the drag inward rather than at the macro.
Watch what happens if the Hormuz announcement lands Wednesday as reported. That is the cleanest macro catalyst crypto will get this week, and a market that cannot rally on a confirmed deal after failing to rally on the prospect of one is telling you the buyers are elsewhere.
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