Strategy Buoys Bitcoin to $79k Amid Rate and Iran Jitters

Bitcoin rose to $79k on Tuesday after top corporate holder Strategy resumed buying the cryptocurrency for the first time in two months.

The company purchased 4,603 coins worth about $368.7 million last week, funded through the sale of common stock and proceeds from buying back preferred shares.

However, gains in crypto markets were limited by concerns over higher interest rates and U.S.-Iran tensions.

Federal Reserve Chair Kevin Warsh's hawkish comments spurred bets on a September rate hike, which could dim the appeal of investing in highly speculative assets like Bitcoin.