Bitcoin Stalls at $79k Amid US Regulatory Uncertainty
Bitcoin's price hovered above $79k on Thursday as markets digested mixed cues from the US and Middle East. The world's largest cryptocurrency rose 1.2% to $79,403.2 by 09:56 ET (13:56 GMT), after paring some gains from its recent peak of $82,000.
The crypto rally has been fueled by the 'debasement trade', where investors move into alternative assets due to US Treasury intervention in bond markets. However, higher interest rates could limit this trend, with focus now on the Fed's September meeting for cues.
Middle East tensions and US regulatory developments also kept markets cautious. A Russian media report suggested a ceasefire deal was close, while Iran and Oman agreed on commercial shipping routes through the Strait of Hormuz, sending oil prices lower.