Bitcoin Remains at $64,000, Stocks Hit Records, and Hormuz Deal Gradually Approaches

On Wednesday, Bitcoin and other major cryptocurrencies were largely unchanged, despite global stock markets reaching new records amid increased enthusiasm for AI-powered trading, leaving cryptocurrencies outside the rally they typically follow.

BTC traded slightly above $64,000, rising less than 1% on the day and remaining roughly at the same level for the week. Ethereum fell to $1,864, down 2% for the week, becoming the only major cryptocurrency in negative territory for this trend. XRP dropped nearly 1% to $1.07, Dogecoin fell to just under 7 cents, and Tron declined less than 1% to 33 cents. Solana remained around $73.60. BNB gained over 1% to $598 and leads among major cryptocurrencies for the week with a 5% increase. Hyperliquid (HYPE) was the top performer, rising 3% to nearly $56 and up 3% for the week.

The active market environment painted a contrasting picture. The MSCI All Country World Index rose 0.4%, approaching another record close; its Asia-Pacific counterpart gained 2.2%; and Australian stocks reached a new peak after the S&P 500 and Dow Jones indices closed at historic highs on Tuesday.

SK Hynix shares rose 6.4% after trading opened in Seoul, and Nvidia shares added over 2% after the market closed, although AMD shares fell 9% due to a weak sales forecast, and SpaceX shares dropped 7.5% due to projected higher AI-related costs.

The price of Brent crude oil fell 1.1% to around $78.50 per barrel after Axios reported that Washington, Tehran, and Oman are close to a deal to reopen the Strait of Hormuz, with an announcement expected on Wednesday. Treasury bonds and gold rose as traders scaled back bets on further interest rate hikes.

Stocks are performing at record levels, while Bitcoin remains about 49% below the $126,000 mark reached last October.

Cheaper oil, easing interest rate expectations, and rising demand for stocks have failed to influence the cryptocurrency over three sessions, pointing to internal pressure rather than macroeconomic factors.