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BTC Bitcoin rebounds above $64,000, Trump threatens to strike Oman, gold extends two-week rally
On Monday, Bitcoin (BTC) rebounded above $64,000, while Donald Trump threatened to bomb Oman, and gold continued its two-week rally.
Quick overview of key points
Bitcoin rose above US$64,000 in New York trading on Monday, up about 2% from Sunday's weekly closing price. Trump has warned he will strike Oman after a 60-day memorandum of understanding between the United States and Iran expires and negotiations have not begun. Gold rose more than 1% to about $4424 an ounce as Bank of America once again backed the metal.
Bitcoin rebounds, Trump threatens to strike Oman
Exchange data showed that Bitcoin (BTC/USD) rose more than 2% against the U.S. dollar at the opening on Wall Street on Monday, regaining the position it lost before Sunday's weekly close. The stock market is moving in the opposite direction. Shipping in the Strait of Hormuz almost stalled over the weekend, with only three ships passing through the waterway on Sunday, according to tracking agency Kpler. Trump told Fox News that the United States would bomb Oman if the Gulf state blocked it-remarks came as a 60-day memorandum of understanding between the United States and Iran expired. A few hours ago, he posted on Truth Social saying that Iran must not possess nuclear weapons. Oil prices were barely moved, with West Texas Intermediate crude oil remaining near $82.45 a barrel, and the S & P 500 index fell slightly by about 0.2% from its record set last Thursday. Iran's Foreign Ministry said the deadline was irrelevant because negotiations never started, but added that Tehran and Muscat had agreed on a route map for navigation in the strait.
Gold outperforms Bitcoin, Bank of America Hartnett reiterates its belief in polymetals
Spot gold rose more than 1% to about $4424 an ounce, extending a two-week rally. Bank of America chief investment strategist Michael Hartnett wrote in a report on Monday that the current trading strategy is to go long in gold and described the metal as the best hedge against the decline of the dollar. Last week, gold funds flowed into US$6.3 billion, the largest weekly inflow since January; at the same time, cash assets flowed into US$25.4 billion and bonds flowed into US$23.8 billion. Weak inflation and retail sales data reduced the probability of the Fed raising interest rates in September from nearly 50% to about one-third. At the same time, the XAU/BTC ratio has risen to its highest point since June 9, setting a 10-week high, indicating that gold is outperforming Bitcoin.
Bitcoin funding rates show crowded long positions
Data from online analysis platform CryptoQuant showed that on August 14, the funding rates on derivatives exchanges hit a 20-month high of 0.022, which is regarded as evidence that most traders currently hold long positions. The scale of clearing is still small, with a total of approximately US$180 million in 24 hours of market-wide cryptocurrency clearing. Bitcoin basically fluctuated within the range of US$62,000 to US$65,000 throughout August, and has not yet clearly exceeded this range. Bitcoin fell to about $62,200 at the beginning of the month, and then rebounded amid the hope that the Strait of Hormuz would reopen, but the price fell again after negotiations stalled and Tehran raised its asking price. Trading firm QCP Capital said continued breakthroughs in this range will reveal more about market position conditions than any single price level.
