Bitcoin Stabilizes Near $79k Amid Hawkish Fed Comments, Iran Tensions
Bitcoin's price steadied around $79,000 on Monday despite heightened tensions between the US and Iran, as well as hawkish comments from Federal Reserve Chair Kevin Warsh that pushed up expectations for rising interest rates.
The world's largest cryptocurrency fell 1.3% to $77,915.1 by 09:51 ET (13:51 GMT), but was set to add nearly 24% in August after a major rebound rally in recent weeks.
Warsh's comments at the Jackson Hole economic symposium on Friday were seen as hawkish, with markets ratcheting up bets that the central bank will hike interest rates by as soon as September. Traders are pricing in a 60.4% chance the Fed will raise rates by 25 basis points in September.
The US-Iran military escalation weighed on crypto markets, with oil prices surging sharply following renewed strikes between the two sides.