Bitcoin hits $64K as gold gains while oil shakes off Trump Oman threat

Bitcoin surged past $64,000, with a 2% daily increase, as gold rallied and US stocks faltered amid escalating US-Iran tensions. Bitcoin reclaimed the $64,000 level after the opening bell on Monday, after a dip on Wall Street the previous day. TradingView data indicated the cryptocurrency rose more than 2% on the day, bouncing back from Sunday's weekly low.

However, US equities suffered a decline as the S&P 500 index slipped 0.5% from its all-time high on Thursday, following an agreed 60-day ceasefire between the US and Iran, which was set to expire. President Donald Trump threatened military action against Oman, citing a dispute over the reopening of the Strait of Hormuz oil route.

He declared, "If Oman gets in the way, we’ll bomb the s*** out of them," in an interview with Fox News. Oil markets remained relatively calm, with WTI crude hovering at $82.35 per barrel. Meanwhile, gold showed more volatility, climbing over 1% to begin the week, reaching a daily high of $4,427 per ounce. A recent report by Cointelegraph highlighted the combination of retail and government interest driving gold's multiweek highs.

Investment research firm Bytetree noted that gold-backed exchange-traded funds (ETFs) saw inflows totaling nearly $12 billion through August 13. Bank of America strategist Michael Hartnett told Investing.com that long gold remained the most effective hedge against dollar devaluation, bond collapse, asset inflation, and the political dynamics of the 2020s.

On a positive note, Bitcoin demonstrated resilience in the face of macroeconomic headwinds, remaining near the lower end of its recent trading range. A trading company, QCP Capital, noted that Bitcoin's continued ability to withstand market pressures without breaking its current range was noteworthy.