Bitcoin Hits Near-$64k Amid Ongoing Iran Tensions

Bitcoin's price rose to nearly $64k on Saturday, but its broader recovery was limited by ongoing uncertainty surrounding US-Iran tensions.

The world's largest cryptocurrency gained 1.2% to $63,851.0 as of 14:29 ET (19:29 GMT), following a bruising week marked by hawkish signals from the Federal Reserve and a pivot towards artificial intelligence stocks at the expense of crypto investments.

However, concerns over a potential closure of the Strait of Hormuz, which Iran claimed to have closed in response to Israeli hostilities in Lebanon, added to market uncertainty. The US Central Command denied that the crossing was closed, stating that commercial traffic continued to flow through the region.

The countries' agreement to a 60-day period of talks over Iran's nuclear ambitions did little to alleviate concerns, keeping markets uncertain about a comprehensive peace deal in the Middle East.