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Bitcoin heads for best August since 2017 despite US-Iran tensions
Bitcoin was near $78,400 at press time, putting it on pace for a gain of more than 24% for the month while crude oil jumped above $90 a barrel.
Bitcoin is on track to post its strongest August performance since 2017, even as escalating US-Iran hostilities and a hawkish shift in Federal Reserve messaging have shaken broader risk markets, CryptoSlate reports. According to CryptoSlate data cited in the story, bitcoin was trading near $78,400 as of press time, translating to a monthly advance of more than 24%. The piece also points to CoinGlass data showing this would mark the strongest August rally in nine years and bitcoin’s biggest single-month gain since November 2024.
The rebound persists despite volatility across traditional assets, with the article linking the risk-off tone to crude oil moving above $90 a barrel after US airstrikes on Iranian targets and Tehran’s retaliation against US military positions in Jordan. Even as global equities and bond markets reacted to the renewed geopolitical and inflation anxiety, bitcoin preserved its monthly gains, the outlet says.
CryptoSlate also attributes part of the backdrop to Federal Reserve Chair Kevin Warsh’s unexpectedly hawkish remarks at the Jackson Hole Economic Policy Symposium. It says Warsh challenged expectations of monetary easing, cautioned against excessive forward guidance, and noted inflation progress remains well above the Fed’s 2% target, which the article says pushed Treasury yields higher and lifted the market-implied probability of a 25-basis-point rate hike at the Fed’s September meeting to 60%.
Latest closeWTI crude $83.44 ▼0.1%|Bitcoin $78,863.32 ▲1.5%