Bitcoin Surges 25% in August for Best Monthly Gain Since 2017

Forecast Trend Report by Period

Bitcoin climbed about 25% last month, posting its strongest August performance in nine years.

Joel Kruger, market strategist at LMAX Group, told The Block on Sept. 1 that Bitcoin rose about 25% in August, its best showing for the month since 2017. It was also the cryptocurrency’s biggest monthly gain since November 2024.

Bitcoin has held on to most of those gains after the rally. It traded around $78,000 on Sept. 1. Pressure on risk assets has increased as military conflict between the US and Iran escalated again and Brent crude rose above $90 a barrel. Even so, Bitcoin has not undergone a sharp correction.

Rising expectations for a September interest-rate increase after Federal Reserve Chair Kevin Warsh’s Jackson Hole speech have added to the headwinds. Kruger said Bitcoin’s resilience is notable given rising bond yields, a stronger dollar and geopolitical tensions, all of which are unfavorable for risk assets.