Bitcoin Stalls Below $65K as Hormuz Ceasefire Hopes Fade Before CPI Data

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Bitcoin remained stuck below $65,000 as a brief market rally tied to hopes of reduced tensions in the Strait of Hormuz quickly fell apart. The optimism faded after former President Donald Trump demanded 50 years of compensation from Iran, effectively ending the so-called relief trade. Oil prices rebounded to $89 per barrel following the breakdown in diplomatic expectations. Both cryptocurrency and equity markets were left largely unchanged as investors braced for an upcoming Consumer Price Index report. XRP also came under pressure, hovering close to falling below the $1 mark amid the broader uncertainty.

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