Bitcoin Trades Near $86K as U.S. Stocks Edge Higher

Bitcoin remained near $86,000 on Tuesday as U.S. stocks posted modest gains and crude oil prices came under renewed pressure following reports that Iran could reopen the Strait of Hormuz within seven days.

WTI crude briefly fell to around $89 after reports indicated Iran may reopen the strategic waterway if the U.S. reduces military pressure and lifts its port blockade. Brent crude also slipped below $98, leaving WTI roughly 15% below its September peak.

A sustained easing of tensions in the Middle East could support risk assets by reducing energy costs and potentially lowering inflationary pressure that could otherwise keep interest rates elevated.

Bitcoin was trading around $86,000, up more than 1% over the previous 24 hours but roughly 1.5% below Monday evening’s highs above $87,000. The cryptocurrency reached an intraday peak of about $87,300 during Monday’s rally.

Reports of a potential Hormuz reopening were later disputed by Iranian sources. LiveSquawk, citing Fars News Agency, said Iranian officials denied reports from Kyodo and Reuters suggesting that Tehran was prepared to reopen the Strait if the U.S. ended its blockade. WTI futures subsequently recovered to about $90.20 after touching an early-session low of $89.16.

In U.S. trading, the Nasdaq was up 0.4% about 20 minutes after the open, while the S&P 500 gained 0.1%. Market activity remained relatively subdued following Monday’s sharp moves.

Technology stocks were among the stronger performers, with SanDisk rising 6.7% and Google gaining 1.9%. Financial shares lagged, with JPMorgan, Wells Fargo and Citigroup each down roughly 1%. The sector has faced pressure as the Federal Reserve’s new rate-hike cycle flattens the yield curve, potentially squeezing lenders’ margins.

Meanwhile, SoFi has begun using its SoFiUSD stablecoin to settle transactions generated by its $25 billion debit and credit card business across Mastercard’s payments network.

The blockchain-based settlement system operates behind the scenes, meaning merchants do not need to accept or hold stablecoins. SoFiUSD is issued by SoFi Bank, a nationally chartered U.S. bank, and can be redeemed for U.S. dollars on a 1:1 basis.

SoFi is also negotiating with major U.S. merchants and said it plans to examine cross-border payments and remittance applications with Mastercard.

The rollout comes as SoFi shares remain down 37% year to date. The company reported 40% growth in second-quarter adjusted net revenue to $1.2 billion, while membership increased to 15.8 million. However, rising Treasury yields, valuation concerns and increased exposure to lending have weighed on investor sentiment.

Bitcoin’s next major catalyst could come from Friday’s roughly $14 billion options expiry on Deribit, described by Ledn co-founder Mauricio Di Bartolomeo as the year’s largest single expiration date.

Di Bartolomeo said September’s quarterly options cycle should be viewed as a two-stage event. The first stage occurred last week when options linked to BlackRock’s IBIT expired in what he described as the ETF’s largest expiration on record.

Those contracts were heavily concentrated in calls, with maximum pain around $40 per share. Bitcoin’s move above $80,000 pushed a large group of those options above their strike prices, leaving dealers who sold the contracts exposed as prices increased.

Dealers can hedge that exposure by purchasing the underlying asset. In the case of IBIT, that means buying ETF shares, while the creation of new spot bitcoin ETF shares requires additional bitcoin purchases, extending the hedging demand into the cryptocurrency market.

Friday’s Deribit expiration carries similar concentrations, with substantial call positioning around $85,000 and $100,000. Bitcoin is already trading above the first of those levels.

Gold remained relatively stable over the past 24 hours at approximately $4,336 an ounce as bitcoin consolidated around $86,000.

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