Trump "Hormuz will open soon"...Bitcoin (BTC) surpasses $64,000

▲ Bitcoin (BTC)/ChatGPT generated image

Donald Trump, the U.S. President, declared the early reopening of the Strait of Hormuz, causing Bitcoin (BTC) to surpass $64,000.

According to CoinGape, a cryptocurrency specialized media outlet, on August 5 (local time), Trump said, “The Strait of Hormuz will open soon. Otherwise, Iran will face a powerful attack, and eventually, the strait will open.” He warned that if Iran again withdraws from the agreement, large-scale attack plans could be resumed.

The United States, Iran, and Oman have neared a 60-day interim agreement for the reopening of the Strait of Hormuz. The agreement includes suspending tolls and shipping fees for 60 days and clearing mines in the strait within 30 days. Iran denied U.S. participation in the negotiations and additionally demanded the right to collect maritime fees, an end to the U.S. naval blockade, and the lifting of sanctions on Iranian crude oil.

As expectations for the reopening of the Strait of Hormuz and an end to the war grew, international oil prices fell below $75 per barrel. Oil prices dropped for three consecutive trading days, with a weekly decline exceeding 13%. Bitcoin rose 2% over 24 hours, trading between $63,397 and $64,467 during the session. Trading volume decreased by 15% as more investors awaited U.S. labor market indicators.

Market analyst BIT analyzed that while Bitcoin option skew has widened its negative range again, the downside risk is easing. BIT predicted that if the negative range of option skew narrows and Bitcoin maintains the $62,000 support level, further upside could emerge.

[Article Key Summary]

-U.S. President Donald Trump announced that the Strait of Hormuz would soon reopen.

-The United States, Iran, and Oman have neared a 60-day interim agreement involving the suspension of tolls and the removal of mines.

-International oil prices fell over 13% in a week, and Bitcoin rose 2%, surpassing $64,000.

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*