Bitcoin Stalls at $64,000 as Hormuz Tensions and Funding Fears Mount

Crypto markets held steady over the weekend as investors weighed renewed tensions in the Strait of Hormuz against the possibility of a lasting ceasefire. Bitcoin traded near $64,000 on Sunday after plummeting below $63,000 on Friday.

Iran's latest order to close the Strait of Hormuz created fresh uncertainty ahead of permanent ceasefire talks in Switzerland, but oil prices have already begun to rise as investors anticipate potential disruptions to global shipments.

A lasting ceasefire could alleviate some of the geopolitical pressure affecting crypto and stock markets, allowing Bitcoin to break above its 78.6% Fibonacci retracement level near $63,150.

Strategy's STRC preferred shares, which use an adjustable dividend to fund Bitcoin purchases, have fallen below their $100 par value amid widening discounts and doubts over the company's funding model.