Bitcoin Steady Near $78k Amid Rate Jitters and Iran Tensions

Bitcoin (BTC) held steady near $78k on Tuesday after corporate holder Strategy resumed buying, but gains in crypto markets were tempered by ongoing concerns over higher interest rates and U.S.-Iran tensions.

The world's largest corporate Bitcoin treasury purchased 4,603 coins for about $368.7 million last week, marking its first purchase since late-June. The buy was funded through the sale of common stock.

Rates jitters remained a major concern, with Federal Reserve Chair Kevin Warsh reiterating the central bank's commitment to its 2% annual inflation target. This has led to increased expectations for a September rate hike and further tightening.

The Labor Department reported that U.S. job openings fell short of expectations in July, adding to pressure on the Fed to act. Higher rates bode poorly for Bitcoin, as they diminish the appeal of speculative assets relative to debt.