Bitcoin has surged past $64,600 following remarks from U.S. President Donald Trump indicating that the U.S. is not engaged in discussions with Iran. Additionally, ongoing tensions around the Strait of Hormuz have kept oil prices above $91 per barrel.
Summary
- Bitcoin settled at $64,611, having fluctuated between $64,005 and $64,926 during trading hours.
- Trump stated there are no ongoing or scheduled talks between the U.S. and Iran, as the conflict continues into its sixth month.
- Iran affirmed that the Strait of Hormuz will stay shut until the U.S. fulfills its interim commitments.
- The investment strategy saw no Bitcoin transactions last week after two consecutive weeks of selling BTC.
In a Truth Social post dated August 18, Trump mentioned that there are no dialogues between the United States and Iran, countering recent speculations about potential temporary agreements arising from diplomatic efforts.
“The naval blockade is fully active. The Strait of Hormuz remains operational,” he stated.
The President added that all underwater mines in the strait had been cleared or detonated. However, Iranian representatives refuted his assertions, with chief negotiator Mohammad Baqer Qalibaf insisting that Tehran would keep the waterway closed until the U.S. adheres to conditions set in a June interim agreement, as reported by Reuters.
According to Qalibaf, these conditions include lifting the U.S. blockade of Iranian ports, removing oil sanctions, releasing Iranian funds that have been frozen, and ceasing military threats from the U.S. The memorandum signed on June 17 provided a 60-day timeframe for negotiations towards a broader agreement that encapsulates Iran’s nuclear program.
This negotiation period has lapsed without any extensions.
Trump claims Hormuz is open, while Iran disagrees
Trump’s depiction of normal operations in the Strait of Hormuz contrasts with both shipping activities and statements from Iran.
While some vessels continue to transit through the area, Reuters reported limited traffic, including a recent incident where a ship was hit by an unidentified projectile. Data shared by Fox News indicated just 28 confirmed crossings from Friday to Sunday, compared to an average of 130 ships daily before the onset of the conflict in February.
Iranian authorities have stated that access will remain restricted until the U.S. complies with the June agreement. Conversely, Trump has suggested that Iran desires a deal but is unwilling to accept the terms he considers critical.
This disagreement followed an earlier Truth Social post in which Trump posted a map designating the strait as “New U.S. Territory.” Iran dismissed this territorial assertion, while Trump claimed that U.S. naval forces are in control of the passage.
Attacks launched by U.S. and Israeli forces against Iran began in late February, marking a conflict that is now nearing six months. Following failed diplomatic efforts to reach a new agreement, Tehran adopted a more aggressive stance, as described by a senior official on August 17.
No significant Iranian military operations were reported immediately after this declaration.
Prior to the conflict, the Strait of Hormuz was responsible for transporting about one-fifth of the global supply of oil and liquefied natural gas. Any ongoing restrictions there could impact crude availability, shipping expenses, and energy costs for American households and businesses.
Bitcoin rebounds while oil prices remain elevated above $91
At the time of reporting, Bitcoin (BTC) was priced at $64,611, reflecting a rise of approximately 0.6% from the previous day’s closing. The cryptocurrency fluctuated between an intraday low of $64,005 and a peak of $64,926, edging closer to the critical $65,000 mark.
This upswing occurred even as oil prices climbed for the third day in a row. According to Reuters, Brent crude rose by 0.7% to $91.46 per barrel, and U.S. West Texas Intermediate saw a 0.9% increase to $85.25.
Earlier this month, Bitcoin faced downward pressure as strikes on tankers near Hormuz escalated energy prices and increased demand for the U.S. dollar. BTC dipped to $62,466 on July 31 after failing to sustain above $65,000, with the $62,000–$63,000 range becoming a focal point for market movements.
The current recovery has propelled Bitcoin closer to the same resistance level, but a clear break above $65,000 has not yet been achieved, with Tuesday’s high stopping at $64,926.
For U.S. investors, the fluctuations in oil prices are significant since increased fuel and transport expenses can influence inflation metrics. Federal Reserve officials monitor inflation closely when determining interest rates, and higher borrowing costs could diminish demand for assets like Bitcoin and tech stocks.
During Tuesday’s market activity, U.S. stock indices faced downward pressure, with the Nasdaq Composite falling by approximately 1.4%, the S&P 500 decreasing by 0.6%, and the Dow Jones Industrial Average slipping by 0.1%, as reported by The Wall Street Journal. The 10-year Treasury yield reached 4.72%, and the 30-year yield climbed to 5.33%, its peak since 2007.
Strategy halts Bitcoin sales after two weeks
The price of Bitcoin found some stability due to Strategy, the largest publicly traded corporate Bitcoin holder, not conducting any transactions.
An August 17 report to the U.S. Securities and Exchange Commission revealed that Strategy did not buy or sell any Bitcoin between August 10 and August 16, maintaining its holdings at 840,447 BTC, obtained for a total of $63.36 billion at an average price of $75,385 per coin.
As crypto.news noted on Monday, the company raised $333.7 million by selling 3.46 million shares during the week but opted not to invest the funds in additional Bitcoin.
This announcement marked an end to two consecutive weeks of Bitcoin sales. In the previous week, the firm sold 1,690 BTC for approximately $108.6 million following another sale of around $105 million the week before.
Given that Strategy is listed on the Nasdaq under the MSTR ticker, its Bitcoin-related actions impact U.S. shareholders looking for indirect exposure to cryptocurrency. The recent filing also indicated that its average Bitcoin purchase price remains above the current market rate.
Strategy utilized its latest financing efforts to bolster its U.S. dollar liquidity and repurchase preferred stocks. According to the August 17 filing, the company bought back about $132.2 million in STRC preferred stock during the week.
White House meeting highlights U.S. cryptocurrency regulations
The upcoming digital asset policy meeting at the White House has emerged as a point of interest for Bitcoin traders.
Scheduled for August 19, the meeting will include representatives from Coinbase, Ripple, a16z, Chainlink, Paradigm, Kalshi, and the Digital Chamber. SEC Chair Paul Atkins and CFTC Chair Michael Selig are also set to participate, according to sources familiar with the arrangements.
At the time of reporting, no official agenda or participant list had been published, and Trump’s attendance was also yet to be confirmed, although Semafor indicated he was anticipated to be present.
The White House meeting takes place as the Digital Asset Market CLARITY Act remains stalled in the Senate. This proposed legislation aims to delineate federal oversight of digital assets between the SEC and CFTC, assigning qualifying digital commodity spot markets to CFTC oversight while placing cryptocurrency securities under the SEC’s jurisdiction.
The House version passed in July 2025 with a vote of 294 to 134. Progress in the Senate has slowed, hindered by disagreements over issues such as government ethics, decentralized finance, stablecoin rewards, and financial crime regulations.
Traders on Polymarket have recently assessed the probability of the bill becoming law by 2026 at around 20%, a marked decrease from earlier estimates exceeding 80% this year. Additionally, the platform’s odds for at least one Federal Reserve rate hike in 2026 have dropped to 49% from a previous high of over 60%.
Earlier in August, rate hike expectations reached 64% following comments from Federal Reserve Bank of Minneapolis President Neel Kashkari regarding persistent inflation concerns. The Federal Reserve maintained its target range at 3.50%–3.75% in July, with three officials advocating for a quarter-point increase.