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Bitcoin stays near $78,000 as U.S. strikes lift oil and pressure stocks
Bitcoin is up more than 24% in August, while the CoinDesk 20 index fell 0.75% over the same span.
CoinDesk reports that bitcoin held near $78,000 and kept a gain of more than 24% for August despite a broader risk-off move triggered by U.S. strikes against Iran that came after more than a month without strikes. The outlet said bitcoin was around $78,717.51, while the CoinDesk 20 (CD20) index dropped 0.75% over the past month.
CoinDesk attributed the market shift to higher energy prices, noting that oil rose as Brent crude moved above $90 per barrel after U.S. forces struck Iranian rocket launchers and faced retaliation in local military bases. The report added that gold receded to $4,440 per ounce during the same period.
In crypto markets, CoinDesk said bitcoin was up 0.7% over the past 24 hours, alongside gains in dash and other assets, while Prom fell sharply after traders took profits following a speculative rally. The outlet also pointed to bitcoin’s August performance as its best monthly showing since 2017 and its biggest one-month gain since November 2024.
CoinDesk further noted that crypto derivatives activity included monero showing a leveraged rally that appeared overheated, while Uniswap rose on strong tokenized stock trading activity. The report also cited a hawkish Jackson Hole speech that lifted the probability of a September rate increase to 58% as part of the broader inflation backdrop facing risk assets.
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