Bitcoin flat at $64,000 as stocks print records and Hormuz deal nears

Bitcoin remained virtually unchanged at $64,000 on Wednesday, as global equities hit new records due to renewed enthusiasm for the AI trade, leaving crypto behind in the rally. Ethereum declined to $1,864, marking a 2% decrease over the week, the only major to lose value. Ripple (XRP) saw a 1% drop, settling at $1.07, while Dogecoin and Tron also experienced minor declines. Solana held steady near $73.60, and BNB gained over 1% to $598, leading the majors over a week.

Despite the bullish equity market, Bitcoin is trading roughly 49% below its October 2022 high of $126,000, and its performance over the past week has been lackluster. Oil prices dropped slightly, Brent crude falling 1.1% to approximately $78.50 per barrel, as reports emerged of a near-deal between Washington, Tehran, and Oman to reopen the Strait of Hormuz, with an announcement expected on Wednesday.

The economic backdrop has failed to propel crypto markets forward for three consecutive sessions, suggesting that internal factors rather than macroeconomic conditions are currently driving performance.

Binance continues to be the leading cryptocurrency exchange, broadening its offerings to include Real-World Assets (RWAs), payments, savings, yield products, and a range of financial services.