Bitcoin Defies Macro Headwinds to Log Best August Since 2017
Bitcoin's price has been resilient against recent macro shocks, including escalating US-Iran hostilities and a hawkish pivot from the Federal Reserve. Despite crude oil jumping above $90 a barrel following airstrikes on Iranian targets and subsequent retaliation, Bitcoin has preserved its monthly gains.
Data shows that the largest cryptocurrency is trading near $78,400 as of press time, bringing its monthly advance to more than 24%. This represents its strongest August rally in nine years and its biggest single-month gain since November 2024, per CoinGlass data.
The resilience on display marks the second time in less than a week that digital assets have absorbed severe macro headwinds. Last Friday's unexpectedly hawkish address by Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium sent Treasury yields higher and lifted the market-implied probability of a 25-basis-point rate hike to 60%.