Bitcoin Holds Above $64K as Markets Assess Latest Hormuz Closure Claim

VG Markets · 2026-07-13T02:28:49Z
Bitcoin Holds Above $64K as Markets Assess Latest Hormuz Closure Claim

Bitcoin traded little changed near US$64,200 through the weekend after Iran declared the Strait of Hormuz closed following fresh U.S. strikes, a claim that Washington and CENTCOM disputed. With many traditional financial markets closed over the weekend, Bitcoin remained among the actively traded assets reflecting market developments.

Recent market context: Iran has declared the Strait of Hormuz closed on several occasions since April 2026, with previous announcements followed by U.S. statements disputing the claims. Bitcoin fell to US$58,293 in late June before recovering to current levels, while market participants have continued to monitor shipping activity alongside official statements regarding the situation.

Developments being monitored this week:

  1. Oil markets reopen on Monday, providing additional indications of how energy markets respond to the latest developments.
  2. Vessel-tracking data has shown some shipping activity through the Strait of Hormuz during Asian trading hours, although reports regarding conditions in the waterway continue to differ.
  3. Around one-fifth of global seaborne crude oil passes through the Strait of Hormuz, making developments in the region relevant to inflation expectations and broader monetary policy discussions.

Regulatory developments: Senator Cynthia Lummis continues to advocate for passage of the CLARITY Act, which would divide oversight of digital assets between the SEC and the CFTC. The legislation has passed the House of Representatives, while market observers continue to monitor its progress through the legislative process.

Mining ecosystem: BIP-110, a proposal to restrict non-financial data stored on the Bitcoin blockchain, faces an early August deadline. Publicly available information indicates the proposal currently has limited mining pool support, including opposition from Michael Saylor and Adam Back.

For market participants in Southeast Asia, developments in oil markets and shipping activity may provide additional context alongside geopolitical headlines during Monday's trading session.

Sources: Reuters, CENTCOM, CoinDesk, U.S. Senate Banking Committee