Bitcoin Edges Higher on Iran War De-escalation Hopes — Market Talk

Bitcoin rises slightly on hopes for a resolution to the Middle East conflict, although the cryptocurrency continues to trade in a narrow range. Iran and Oman are finalizing a draft agreement to reopen the Strait of Hormuz which would allow the U.S. and Iran to return to the negotiating table, The Wall Street Journal reports. Investors are balancing optimism over the reopening of the Strait against a "messier U.S. macroeconomic picture," Tickmill Group's Patrick Munnelly says in a note. Oil has softened, giving risky assets some relief, but U.S. services prices are still high, labor market data are cooling and Federal Reserve policymakers aren't fully aligned, he says. Bitcoin rises 0.1% to $64,877, LSEG data show. ([email protected])