Bitcoin Stands Firm Near $79k Amid US-Iran Tensions and Rate Bets

Bitcoin remained relatively stable near $79,000 on Monday, despite hawkish comments from Federal Reserve Chair Kevin Warsh and renewed military action between the U.S. and Iran.

Warsh's comments at the Jackson Hole economic symposium on Friday were widely viewed as indicating a higher chance of interest rate hikes, with markets pricing in a 60.4% chance of a 25 basis point increase by September.

The news sent oil prices surging and added to concerns over inflation and higher rates, which could negatively impact speculative assets like Bitcoin and cryptocurrencies.

In contrast, key data due later this week is expected to offer more direct cues on the central bank's plans for rates.