Strategy's Bitcoin Buying Spree Can't Overcome Rate Jitters
Bitcoin prices held steady on Tuesday at around $78,387.3, close to recent highs after corporate investor Strategy resumed buying the cryptocurrency for the first time in two months.
The move followed Strategy's purchase of 4,603 coins worth about $368.7 million last week, which was funded by the sale of $602.8 million in common stock and used to buy back preferred shares.
However, gains in crypto markets were tempered by concerns over higher interest rates and renewed U.S.-Iran tensions, with oil prices surging after military strikes between the two countries for the first time in a month.
Uncertainty over U.S. interest rates remained high, particularly after Federal Reserve Chair Kevin Warsh's hawkish comments raised expectations of a September rate hike, while weak July job openings data added to those concerns.