Bitcoin erased its mid-week losses driven by geopolitical tensions in the Middle East, rising about 2% to an intraday high of $64,653 and lifting the total crypto market cap to $2.28 trillion.
The move followed mid-week losses triggered by sudden geopolitical escalations in the Middle East. Washington and Tehran remain deadlocked over maritime sovereignty and security protocols within the Strait of Hormuz, as outlined in a memorandum of understanding. The core trigger remains unresolved, and ongoing uncertainty around the Strait of Hormuz is expected to exert a sustained drag on global markets, with investors pricing in potential supply-chain disruptions and energy price volatility.
After trading just under $62,800 on Thursday afternoon, bitcoin climbed steadily to hit an intraday peak of $64,653 just after 9:50 a.m. EST. Although it dipped slightly below the $64,000 mark at 12:35 a.m. EST, bitcoin still secured a 2% gain on July 10, pushing its market capitalization above $1.28 trillion. This rally lifted the broader crypto market cap to $2.28 trillion, a 1.5% increase over 24 hours.
The ongoing geopolitical uncertainty surrounding the Strait of Hormuz remains a key risk, with observers expecting continued market volatility as investors price in potential supply-chain disruptions and energy-price swings. A tense lull after 48 hours of intensive U.S. bombardments was viewed as possibly temporary, with further escalations possible if core issues persist.
The Bitunix Analyst report describes bitcoin’s reclaim of the $64,000 resistance as placing it at a critical juncture. A sustained breakout above this threshold could signal revived risk appetite and add further upside momentum. Conversely, a failure to defend $64,000 could trigger immediate profit-taking and renew short-term volatility. Analysts emphasize that the broader trend remains tightly bound to macro liquidity conditions and overall investor positioning.
