2 months ago
Bitcoin (BTC) returned to $64,000 aft Monday’s Wall Street unfastened arsenic US stocks gave mode to gold.
Key points:
- Bitcoin continues a rebound from Sunday’s play close, gaining 2% connected Monday.
- Oil stays dependable aft US president Donald Trump threatens to weaponry Oman implicit the Strait of Hormuz.
- Bitcoin backing rates deed 20-month highs of 0.022 past week, information reveals.
Bitcoin inches up arsenic US-Iran rhetoric spreads to Oman
Data from TradingView showed BTC/USD up by much than 2% connected the day, rebounding from Sunday’s play close.
US equities turned little arsenic an agreed 60-day ceasefire betwixt the US and Iran was acceptable to expire, with the S&P 500 scale down 0.5% from Thursday’s all-time highs.
S&P 500 one-hour chart. Source: Cointelegraph/TradingView
Speaking to Fox News, Trump threatened Oman with subject enactment amid an ongoing quality implicit the reopening of the Strait of Hormuz lipid route.
“If Oman gets successful the way, we’ll weaponry the s*** retired of them,” helium told the network.
Oil markets appeared unfazed by the tensions, with WTI crude level astatine $82.35 per tube astatine the clip of writing.
Safe haven golden was much volatile, gaining conscionable implicit 1% to commencement the week to scope a regular precocious of $4,427 per ounce. Earlier, Cointelegraph reported connected a operation of retail and authorities involvement fueling gold’s multiweek highs.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
Data from concern probe level Bytetree tracking the 30-day alteration successful inflows to gold-backed exchange-traded funds (ETFs) enactment the fig astatine astir $12 cardinal done Aug. 13.
In a enactment connected Monday quoted by Investing.com, Bank of America strategist Michael Hartnett wrote that agelong golden remained the trade, describing it arsenic “still [sic] champion hedge against dollar debasement, enslaved collapse, plus inflation, capitalist populism vs socialist populism authorities of 2020s.”
Funding rates deed levels not seen since precocious 2024
In its latest Market Color bulletin published connected Monday, trading institution QCP Capital noted Bitcoin’s continued quality to upwind macro tailwinds without a large breakdown from its existent range.
“Rather than treating idiosyncratic terms levels arsenic directional signals, the much utile reflection is that BTC remains adjacent to the little extremity of its caller range. A sustained determination extracurricular that scope would supply much accusation astir marketplace positioning than the comparatively contained moves seen wrong it,” it wrote.
Earlier, Cointelegraph reported connected expectations that a instrumentality to $61,000 would trigger an unwinding of BTC agelong positions, adding to downside BTC terms momentum.
The latest information from CoinGlass showed liquidations remaining muted arsenic BTC/USD returned toward $64,000, with 24-hour cross-crypto liquidations astatine $180 million.
Crypto liquidation past (screenshot). Source: CoinGlass
In a motion of agelong BTC becoming an progressively crowded trade, derivatives marketplace backing rates deed 20-month highs of 0.022 connected Aug. 14, per information from onchain analytics level CryptoQuant.
“The derivatives marketplace sentiment is affirmative wrong the existent BTC terms range, indicating that astir traders are taking agelong positions,” it commented connected the readings.
CryptoQuant antecedently noted that futures trading measurement connected Binance was outweighing spot markets by almost 8 times.
Bitcoin backing rates chart. Source: CryptoQuant
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