Bitcoin Flat at $64,000 as Global Equities Print Records and Strait of Hormuz Deal Nears
Bitcoin and other major cryptocurrencies held steady on Wednesday even as global equity markets pushed to fresh all-time highs, extending a puzzling divergence that has left digital assets stranded while traditional risk assets rally.
BTC traded just above $64,000, up less than 1% on the day and roughly flat over seven days. The cryptocurrency remains approximately 49% below its October peak of $126,000.
Majors Mixed as Ether Lags
Ether slipped to $1,864, down 2% on the week — the only major token in negative territory over that timeframe. XRP fell nearly 1% to $1.07, dogecoin declined by a similar margin to just under seven cents, and tron dipped under 1% to 33 cents. Solana held flat near $73.60.
BNB was a relative outperformer, adding over 1% to reach $598 and leading the majors over seven days with a 5% gain. Hyperliquid's HYPE token was the standout, rising 3% to nearly $56.
Equities Tell a Different Story
The contrast with traditional markets was stark. MSCI's All Country World Index rose 0.4% toward another record close. The Asia Pacific benchmark gained 2.2%, and Australian shares hit a new peak after the S&P 500 and Dow both closed at all-time highs on Tuesday.
SK Hynix rose 6.4% after the Seoul open, and Nvidia added over 2% in after-hours trading, reflecting continued enthusiasm for AI-related equities.
Oil Eases on Hormuz Diplomacy
Brent crude fell 1.1% to approximately $78.50 per barrel after reports that 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 expectations for further rate hikes.
Internal Dynamics, Not Macro
With cheaper oil, easing rate expectations, and a strong risk-on equity rally all failing to lift cryptocurrencies for three consecutive sessions, analysts say the drag on crypto appears driven by internal market dynamics rather than macroeconomic headwinds.
The potential Hormuz deal represents the cleanest macro catalyst for crypto this week. If the market cannot rally on a confirmed agreement after failing to move on the prospect of one, it would signal that buyers remain on the sidelines for reasons specific to the digital asset market.