Bitcoin Holds Steady Amid Escalating US-Iran Tensions
Bitcoin held steady near $78,000 on August 31 despite escalating tensions between the United States and Iran. The conflict pushed oil prices higher, with Brent crude climbing approximately 2.7% to $90.51 per barrel during Monday's Asian session.
The sharp increase in oil prices was driven by renewed concerns about shipping through the Strait of Hormuz, a vital waterway for global oil and liquefied natural gas movements.
Meanwhile, Bitcoin remained relatively stable, with its price holding above $62,000 during July's US-Iran strikes. The cryptocurrency gained approximately 23% in August, outperforming gold (9%) and the Nasdaq (4%).
The Federal Reserve's policy stance also contributed to the uncertainty surrounding Bitcoin's outlook. Federal Reserve Chair Kevin Warsh delivered a restrictive policy message at the Jackson Hole symposium on August 28, increasing the possibility of another interest-rate rise.