US Strikes Iranian Oil Tankers, Bitcoin Holds Steady Amid Escalating Conflict

Bitcoin has held steady despite the latest escalation in the US-Iran conflict. The US Central Command (CENTCOM) announced that it struck three Iranian oil tankers in retaliation for earlier missile attacks on two US Navy warships.

CENTCOM commander Adm. Brad Cooper said, 'Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost, taking out three of yours.'

Bitcoin traded just below $80,000, around $79,800, up less than 1% on the day, according to TradingView data.

The market is focused on the release of the August CPI and PPI data next week, which could spark significant volatility for Bitcoin and the broader crypto market. Fed Governor Chris Waller mentioned that a hot inflation reading could prompt him to consider a hike.

Data from Polymarket shows that crypto traders are almost evenly split on whether the Fed will hold or hike rates at the September FOMC meeting, with a 51% chance of holding steady and a 50% chance of hiking rates.