Bitcoin Holds Steady as US Strikes on Iran Rattle Stocks and Lift Oil

In brief

• Bitcoin held around $78,623 on Monday, down just 0.7% on the day but set to close August up more than 24%—its strongest month since 2017—despite a difficult macro backdrop.
• Fresh U.S. strikes on Iran over the weekend sent oil higher and pushed stocks lower, with the S&P 500 off 0.5% and the Nasdaq down 0.4%.
• Fed Chair Kevin Warsh's hawkish Jackson Hole remarks lifted September rate-hike odds to ~58%;with Bitcoin's rally stalling and spot ETFs snapping a nine-day inflow streak as Ethereum funds kept drawing cash.

Bitcoin is proving resilient at the start of the week, holding above $78,000 even as fresh U.S. military strikes on Iran drove oil prices higher and pushed equities into the red.

The largest cryptocurrency traded around $78,623 on Monday, down just 0.7% over 24 hours, according to CoinGecko, after dipping to an intraday low near $77,162. Despite the softer session, Bitcoin is on track to close August with a gain of more than 24%, its best month since 2017.

The steadiness stands out against a rough backdrop for other assets. The weekend brought the first U.S.-Iran exchange of strikes since late July, reviving fears over shipping through the Strait of Hormuz and sending crude sharply higher.