Bitcoin Reclaims $64K as Hormuz Deal Hopes Ease Market Fears

Bitcoin climbed back above $64,000 on Wednesday, trading near $64,100 after reports that the United States and Iran were moving closer to an interim arrangement covering the Strait of Hormuz. The cryptocurrency gained roughly 0.9% and reached an intraday high near $64,450.

Treasury Secretary Scott Bessent said Washington could announce an agreement as soon as Tuesday or Wednesday, with commercial vessels receiving “freedom of movement.”

Bessent says there may be deal Tuesday or Wednesday to open Strait of Hormuz with ‘freedom of movement’ https://t.co/va7Za2N7fN

— CNBC (@CNBC) August 4, 2026

The proposed framework would reportedly establish a temporary 60-day arrangement, reopen the strategic waterway and support a wider ceasefire while negotiations continue over Iran’s nuclear program. Oman, Qatar, Pakistan and Saudi Arabia have participated in mediation efforts.

Relief Trade Remains Fragile

Expectations of a breakthrough have already reduced some of the geopolitical premium embedded in energy markets. Brent crude fell more than 5% during Tuesday’s session as traders considered the possibility of commercial traffic returning to the strait.

That development matters for Bitcoin because lower oil prices can ease short-term inflation concerns and reduce pressure on central banks to maintain tighter monetary policy. BTC has repeatedly traded as a risk asset during the conflict, weakening when energy prices and military tensions rise and recovering when diplomatic progress appears more likely.

The latest move follows an earlier rebound toward the same price level in July, when Bitcoin absorbed renewed U.S.-Iran hostilities without revisiting its previous lows.

However, the current negotiations have not produced a final agreement. Iran and Oman have discussed dividing inbound and outbound shipping lanes, while Tehran has sought service fees and a role in managing traffic. Washington opposes both Iranian tolls and any arrangement that could undermine international freedom of navigation.

Maritime activity also remains severely restricted. Only eight vessels recently crossed Hormuz, compared with roughly 130 to 140 daily transits before the conflict began, according to shipping data.

Bitcoin’s recovery therefore reflects improving expectations rather than a completed diplomatic resolution. A signed agreement and sustained increase in vessel traffic would provide stronger evidence that the geopolitical risk premium is genuinely fading.