Bitcoin trades near $63K as Strait of Hormuz halts tankers

Bitcoin traded near $62,900 into the weekend and recovered to about $63,900 early Saturday after an intraday low near $61,794 on July 14. Prices were flat through the EU morning as other major markets remained closed for the weekend.

Tanker crossings through the Strait of Hormuz fell to near-record lows. The waterway normally carries about 20.9 million barrels per day, roughly one-fifth of global petroleum consumption. The decline in traffic followed a US naval blockade reimposed on July 12 and a series of Iranian missile and drone strikes on Gulf infrastructure and shipping.

The latest hostilities began with a large US strike package on July 11, estimated at roughly 140 strikes on Iranian military targets. Iran then launched missile and drone attacks on coalition bases in Bahrain, Kuwait, Qatar and Jordan, and struck two UAE-flagged supertankers in Omani waters, resulting in one crew fatality.

Brent crude settled at $85.97 on July 17, up about 2.1% from the prior day and roughly 24% above levels a year earlier. West Texas Intermediate rose to $80.93, up about 2.5%. Traders reported higher insurance and security costs and delayed ship departures, and markets priced increased near-term supply uncertainty into oil.

The Federal Reserve held its policy rate at 3.50% to 3.75% on June 17; the updated dot plot showed a median year-end 2026 rate of 3.8%, up from 3.4% in March. Nine of 18 officials expected at least one hike this year and 17 of 18 judged inflation risks to the upside. Headline CPI was running at 4.2% at the time. The next Federal Open Market Committee meeting is scheduled for July 28-29.

US and European markets close for the weekend while Bitcoin markets remain open 24/7. Weekend liquidity is thinner, with fewer market makers and wider spreads. Leveraged positions face greater liquidation risk and perpetual futures funding rates can swing sharply. Recent outflows from spot Bitcoin ETFs have left more price momentum tied to leveraged traders.

Market participants identified several developments that would prompt larger price moves when traditional markets reopen: a verified new tanker attack with casualties, a major insurer suspending Hormuz cover, a US strike on Iranian nuclear facilities, or an Iranian missile striking a populated Gulf capital. Oil futures reopen Sunday evening and Treasury trading resumes in Asia; those sessions will show whether weekend price moves continue or reverse.