Hormuz Closure Threat Meets Packed Macro Calendar as Bitcoin Holds Its Range

The global cryptocurrency market cap has dropped by 0.45% over the last day to $2.19 trillion, according to CoinMarketCap data.

Bitcoin (BTC) has been trading within a narrow range of $63,641 and $64,504 over the past 24 hours, with its current price at $63,828, representing a 0.69% decrease.

The Strait of Hormuz closure threat, following an attack on the M/V GFS Galaxy and the third US strike on Iran this week, has revived geopolitical risk premium concerns just as markets face a packed macro calendar.

Key events next week include CPI data, Fed Chair Warsh's semiannual testimony before Congress, peak bank earnings, and a slate of regional Fed speakers. However, Bitcoin's muted response to the Hormuz closure threat suggests it is not yet pricing in a disruption scenario.