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Bitcoin holds steady as oil rises
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Bitcoin holds steady as oil rises

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  • Bitcoin (CRYPTO:BTC) traded near US$77,580 after the US attacked an Iranian island in the Strait of Hormuz.
  • WTI crude rose nearly 2% to US$85.10, while Brent gained 1.9% to US$92.39.
  • Bitcoin has gained 23% in August, compared with 9% for gold and 4% for the Nasdaq.

Bitcoin (CRYPTO:BTC) traded near US$77,580 as the latest US-Iran escalation pushed oil higher and stocks lower.

The US attack on an Iranian island triggered retaliatory action from Iran, affecting markets around the Strait of Hormuz.

“Markets now assign a 58% probability of a September hike and price roughly 1.5 hikes by year-end,” MUFG FX strategist Lloyd Chan said.

WTI crude futures rose nearly 2% to US$85.10, while Brent increased 1.9% to US$92.39 and Nasdaq futures fell 0.5%.

Bitcoin remained largely unchanged since midnight UTC, while XRP (CRYPTO:XRP) fell 0.8% and Solana (CRYPTO:SOL) declined 0.6%.

Bitcoin has gained 23% this month, compared with 9% for gold and 4% for the Nasdaq, according to CoinDesk data.

Bitcoin's August performance has coincided with strong spot ETF inflows, while markets now await the September 4 US jobs report.

At the time of reporting, Bitcoin price was $77,524.48.

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