Bitcoin prices rose during Wednesday's trading, continuing their limited recovery as investors' appetite for risk improved due to growing expectations of a possible agreement to reopen the Strait of Hormuz. However, gains remained limited as pressures on the cryptocurrency market persisted, keeping trading within a narrow range.
Bitcoin, the world's largest cryptocurrency, rose 1% to $64,305.60, while Ether, the second-largest cryptocurrency, climbed 0.6% to $1,868.57.
The performance of alternative cryptocurrencies was mixed, with Solana rising 0.8% and BNP Paribas gaining 1.8%, while Ripple fell 0.5% and Cardano declined 2.2%. Dogecoin also dropped 0.5%, while Trump Coin rose 0.4%.
This performance comes at a time when expectations are growing that an agreement between the United States and Iran, mediated by the Sultanate of Oman, to reopen the Strait of Hormuz is imminent, which has boosted demand for high-risk assets and pushed oil prices down.
However, Iran indicated the possibility of postponing the agreement due to continued US threats, despite US officials confirming that the negotiations had made tangible progress.
Despite improved market sentiment, cryptocurrencies did not benefit to the same extent as stock markets, as investors preferred to turn to artificial intelligence stocks, supported by strong earnings results, rather than more volatile assets.
The cryptocurrency market also continues to face pressure from the fallout of a major cyberattack that occurred recently, in addition to Strategy Assistant, the largest institutional holder of Bitcoin, continuing to reduce part of its holdings, which has limited the strength of the gains.
In contrast, Bitcoin exchange-traded funds (ETFs) have shown improved capital inflows, recording inflows of $381.6 million since the beginning of August, following positive inflows of $172.4 million during July, indicating a gradual improvement in investor confidence, even though Bitcoin remains about 50% below its record high recorded in October 2025.
