The crypto market was little changed on Tuesday after falling overnight as the short-lived optimism around a Strait of Hormuz deal evaporated.
President Donald Trump’s demand for 50 years of compensation from Iran as a condition of any negotiation dashed hopes of a near-term resolution and pushed Brent crude up to $89.08, more than 12% above last week’s low.
Bitcoin has gained 0.26% since midnight UTC, but remains down 1.68% over the past 24 hours. Ether , outpacing bitcoin since midnight, is 2.4% lower on the day. Traditional markets are equally subdued, with U.S. equity index futures remaining flat as traders focus on Wednesday’s CPI report as the week’s key catalyst.
Strategy’s sale of a further 1,690 BTC on Monday, the fourth consecutive weekly reduction, added an extra layer of pressure. The company has not bought bitcoin since June.
Derivatives positioning
- Futures volume surges, open interest flat:…
