Bitcoin climbed to $64,176 on Bitstamp, posting gains of around 1% as markets bet on the Strait of Hormuz reopening to oil traffic. The S&P 500 index hit a new record of 7,713 points, with its market cap reaching $70 trillion for the first time. WTI and Brent crude oil prices dropped 4.8% and 4.6% respectively, falling to their lowest levels since July 13. Markets now price in a 56.7% probability that the Federal Reserve will approve a 0.25% rate hike at its September meeting. According to CryptoQuant, around 155,000 BTC, representing 0.7% of total supply, were accumulated by investors with a cost basis between $62,000 and $65,000.
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