Donald Trump confirmed the reopening of the Strait of Hormuz this week, a move that could ease global oil supply concerns and ripple into crypto markets. Meanwhile, Dogecoin saw a 16% jump in weekly active addresses as its price hovered around $0.06978, and Bitcoin traded near $64,000.
Trump confirms Hormuz reopening
The former president announced the reopening of the Strait of Hormuz, a critical chokepoint for about a fifth of the world's oil shipments. The strait had been effectively closed for months, driving up energy costs and adding to inflationary pressure. The reopening is expected to lower oil prices, which could reduce some of the macroeconomic headwinds that have weighed on risk assets including cryptocurrencies.
Dogecoin addresses climb 16%
Dogecoin's weekly active addresses rose 16% this week, according to on-chain data. The meme coin's price sat at $0.06978, roughly flat on the week but showing resilience after a broader market dip earlier in the month. The increase in active addresses suggests renewed interest from retail users, though it's unclear if the trend will hold.
Bitcoin holds near $64k
Bitcoin remained steady near $64,000 as of press time, consolidating after a volatile July. The largest cryptocurrency by market cap has been range-bound between $60,000 and $68,000 for several weeks. The Hormuz reopening could provide a tailwind if lower oil prices ease inflation fears, but traders are watching for a breakout in either direction.
The combination of a major geopolitical development and rising on-chain activity for Dogecoin gives the market plenty to chew on this week. Bitcoin's next move, and whether the Hormuz reopening actually calms global energy markets, will be the key questions in the days ahead.
