Bitcoin holds above $78,000 as US strikes on Iran lift oil and hurt stocks

Bitcoin traded around $78,623 on Monday as US strikes on Iran pushed oil prices higher and equities lower. Bitcoin fell 0.7% over 24 hours, according to CoinGecko. Bitcoin reached an intraday low near $77,162. Bitcoin remained on track to close August with a gain of more than 24%, its best month since 2017. The US-Iran exchange of strikes was the first since late July. The strikes revived concerns about shipping through the Strait of Hormuz. West Texas Intermediate futures rose 2.6% to around $85.60 a barrel. The S&P 500 fell 0.5% to about 7,673. The Nasdaq Composite fell 0.4% to near 26,289. Iliya Kalchev of Nexo Dispatch said Bitcoin's stability was notable because hawkish Federal Reserve policy and a live geopolitical escalation rarely affect risk assets in the same week. Kalchev said Bitcoin's ability to hold its ground against both pressures could be more meaningful than its August gain. Derivatives data suggested that traders were repositioning rather than committing fresh capital. Twenty-four-hour trading volume more than doubled to $183 billion. Open interest stayed roughly flat. Fed Chair Kevin Warsh's hawkish Jackson Hole remarks raised September rate-hike odds to around 58% from roughly 35% before he spoke. Gold fell to near $4,440 as the firmer rate outlook outweighed its usual safe-haven appeal. Bitcoin's rally stalled late last week after Warsh's remarks. Spot Bitcoin ETFs ended a nine-day inflow streak. Ethereum funds continued to attract cash. Ethereum traded near $2,448 on Monday. Ethereum was heading into month-end with a gain approaching 30%. Markets are awaiting Friday's US jobs report. The August CPI reading is due September 11.