Bitcoin Defies Turbulent Markets, Holds Above $78,000

Bitcoin's price held steady at around $78,623 on Monday, down just 0.7% over 24 hours and despite a turbulent macro backdrop.

The largest cryptocurrency is set to close August with a gain of more than 24%, its strongest month since 2017.

This resilience stands out against other assets, which were hit by the first US-Iran exchange of strikes since late July. The weekend's military action sent crude sharply higher, with West Texas Intermediate futures climbing 2.6% to around $85.60 a barrel.

The hawkish Federal Reserve, led by Chairman Kevin Warsh, is also putting pressure on risk assets. His Jackson Hole address pushed September rate-hike odds to around 58%, from roughly 35% before he spoke.