Bitcoin has climbed back above $64,000 after a volatile stretch tied to the Federal Reserve's policy meeting and geopolitical tension around the Strait of Hormuz. The cryptocurrency's market cap has neared $1.29 trillion as its dominance over the rest of the crypto market climbed past 57%.
Bitcoin has climbed back above $64,000 after testing the $62,000 support level a couple of times since August began. The recovery comes as markets expect a Strait of Hormuz deal to be announced today.
Fed Meeting Sparks Sharp Swings
The US Federal Reserve's FOMC meeting brought intense volatility to the crypto market. Bitcoin slumped from $65,600 to $62,800 before the event, then jumped back to over $65,000 a day later. But the broadly bearish sentiment prevailed, and the asset was rejected at $65,300 on Friday morning.
Bitcoin then dropped to $62,400 within hours of that rejection. A rebound attempt on Saturday stalled at $63,200, and the coin slid to $62,200 on Saturday evening for the first time in about a month.
Trump's Iran Move Aids Recovery
A more successful recovery followed on Sunday morning after US President Donald Trump called off planned strikes against Iran. Bitcoin then hit another leg down on Monday, before a fresh dip to $62,200 gave way to bulls pushing the price to $64,000 by the end of the day.
The recovery continued over the past 24 hours, lifting bitcoin back above $64,000 as reports suggested an upcoming deal to reopen the Strait of Hormuz.
Market Cap Nears $1.29 Trillion
Bitcoin's market cap has neared $1.29 trillion, and its dominance over the rest of the crypto market has climbed to over 57% on CoinGecko. The total crypto market cap added $30 billion over the past day, reaching $2.26 trillion.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
