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Bitcoin stays near $77,580 as oil jumps on Strait of Hormuz tension
BTC gained 23% in August, outpacing gold and the Nasdaq, while WTI rose nearly 2% to $85.10 and Brent climbed 1.9% to $92.39.
Bitcoin held steady near $77,580 during Asian trading even as geopolitical tensions in the Strait of Hormuz escalated, with oil prices rallying and stocks slipping, according to CoinDesk.
The outlet reported that WTI crude futures jumped nearly 2% to $85.10, while Brent rose 1.9% to $92.39 after the United States attacked an Iranian island and Iran took retaliatory action, disrupting a major oil tanker route.
CoinDesk said bitcoin has gained 23% in August, compared with 9% for gold and 4% for the Nasdaq, supported by strong spot ETF inflows and expectations around Federal Reserve policy.
Other major tokens were weaker, with XRP down 0.8% and solana down 0.6%, as markets digested a hawkish speech from Fed Chair Kevin Warsh at the Jackson Hole Symposium that lifted the probability of a September rate increase.
Latest closeGold $4,504.10 ▼2.3%|WTI crude $83.44 ▼0.1%|Brent $88.29 ▼1.6%