Bitcoin is Stable, Investors Watch Hormuz Strait and Inflation DataBitcoin remains relatively stable as market participants focus on geopolitical tensions in the Strait of Hormuz and upcoming inflation reports.

Bitcoin's price remained virtually unchanged on Wednesday as hopes for an agreement between the US and Iran regarding the opening of the Strait of Hormuz diminished. Meanwhile, investors are awaiting significant US inflation data, which is also affecting cryptocurrency market sentiment.

At 02:20 ET, Bitcoin fell 0.3% to $64,110 and continues to move within a relatively narrow range of $60,000–$65,000. Additional pressure on the cryptocurrency comes from reports of Strategy selling a portion of its Bitcoin holdings.

Interest in risk assets on the market has also declined, as the prospects for an agreement between the US and Iran regarding the opening of the Strait of Hormuz have become uncertain. Iran denies the existence of direct negotiations with the US and is demanding compensation for any agreement.

At the same time, rising oil prices have intensified concerns about accelerating inflation. Higher inflation could push central banks toward tightening monetary policy, which is a negative factor for Bitcoin, as the cryptocurrency is particularly sensitive to higher interest rates and reduced liquidity.