Hormuz Nerves Cost Bitcoin $65,000 Mark Despite Solid Institutional Flows

Bitcoin (BTC) slipped below $64,500 after Monday’s Wall Street open as markets digested more US-Iran uncertainty.

Key points:

• Bitcoin joins US stocks in selling off amid uncertainty over whether the Strait of Hormuz will reopen.
• The Japanese yen commands attention as it slides back toward historic lows against the dollar.
• Bitcoin analysis doubts market strength despite “exceptionally strong” institutional inflows.

Iran warns “no military solution” to Hormuz closure

Data from TradingView showed BTC/USD hitting $64,447 on Bitstamp, its lowest since Friday, before a modest rebound. 

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

This mirrored US stocks, which initially fell as the odds of the Strait of Hormuz oil route reopening appeared to fade. 

Addressing Iran’s Islamic Consultative Assembly, deputy speaker Ali Nikzad said that the “opening of the Strait of Hormuz has no military solution,” as quoted by Al…