Bitcoin (BTC) returned to $64,000 after Monday’s Wall Street open as US stocks gave way to gold.
Key points:
Bitcoin continues a rebound from Sunday’s weekly close, gaining 2% on Monday.Oil stays steady after US president Donald Trump threatens to bomb Oman over the Strait of Hormuz.Bitcoin funding rates hit 20-month highs of 0.022 last week, data reveals.
Bitcoin inches up as US-Iran rhetoric spreads to Oman
Data from TradingView showed BTC/USD up by more than 2% on the day, rebounding from Sunday’s weekly close.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US equities turned lower as an agreed 60-day ceasefire between the US and Iran was set to expire, with the S&P 500 index 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 military action amid an ongoing dispute over the reopening of the Strait of Hormuz oil route.
“If Oman gets in the way, we’ll bomb the s*** out of them,” he told the network.
Oil markets appeared unfazed by the tensions, with WTI crude flat at $82.35 per barrel at the time of writing.
Safe haven gold was more volatile, gaining just over 1% to start the week to reach a daily high of $4,427 per ounce. Earlier, Cointelegraph reported on a combination of retail and government interest fueling gold’s multiweek highs.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
Data from investment research platform Bytetree tracking the 30-day change in inflows to gold-backed exchange-traded funds (ETFs) put the figure at nearly $12 billion through Aug. 13.
In a note on Monday quoted by Investing.com, Bank of America strategist Michael Hartnett wrote that long gold remained the trade, describing it as “still [sic] best hedge against dollar debasement, bond collapse, asset inflation, capitalist populism vs socialist populism politics of 2020s.”
Related: BTC price loses 200-week trend line as 2022 repeats: Five things to know in Bitcoin this week
Funding rates hit levels not seen since late 2024
In its latest Market Color bulletin published on Monday, trading company QCP Capital…
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