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Bitcoin held near $78,000 on Monday after the United States resumed strikes on Iran, while renewed fighting pushed Brent crude above $90 a barrel and weighed on US equity futures.
BTC traded around $78,500, up about 0.5% over 24 hours and more than 24% in August. Its relatively steady price contrasted with stronger moves in oil and equities following renewed disruption risks around the Strait of Hormuz.
US Strikes Iranian Launchers Near Strait of Hormuz
US forces struck two Iranian launchers on Larak Island on Sunday after Iranian Revolutionary Guard forces were observed preparing rockets carrying sea mines for potential deployment into the Strait of Hormuz.
Iran later fired at two US bases in Jordan and said it attacked Al Minhad air base in the United Arab Emirates. The UAE rejected that claim but said its air force engaged a drone entering from Iran.
The Strait of Hormuz normally handles about one-fifth of global crude oil and liquefied natural gas shipments.
Brent Climbs Above $90 as US Equity Futures Fall
Brent crude rose roughly 2% to above $90 a barrel as traders assessed the renewed threat to energy shipments through the strait.
US equity futures moved lower in early trading. Dow futures fell about 0.1%, S&P 500 futures dropped 0.13% and Nasdaq 100 futures declined 0.04%.
The oil increase comes after Federal Reserve Chair Kevin Warsh said at Jackson Hole on Friday that higher interest rates remained possible if inflation stays above the Fed’s 2% target.
Crypto Liquidations Reach $431M as Bitcoin Holds Near $78,500
Bitcoin avoided the sharper move seen in oil and equities, remaining around $78,500 and up more than 24% for August.
Crypto derivatives liquidations reached about $431 million over 24 hours, including roughly $100 million in Bitcoin positions and $130 million in Ether positions.
Bitcoin futures open interest remained below its June peak, while BTC continued trading near $78,000 following the renewed US-Iran escalation.
