Bitcoin Holds Above $77,000 Despite Middle East Tensions, Beating Gold and Nasdaq in August

Forecast Trend Report by Period

Bitcoin held above $77,000 even as renewed military tensions between the U.S. and Iran shook oil prices and global financial markets, showing greater resilience than gold and equities.

CoinDesk reported on Aug. 31 that Bitcoin was trading around $77,580 during Asian hours, with little movement since midnight UTC.

Risk appetite weakened across broader markets as tensions in the Middle East escalated. Geopolitical uncertainty increased after Iran retaliated following a U.S. attack on an Iranian island in the Strait of Hormuz, a key oil shipping route.

Oil prices climbed across the board. TradingView data showed West Texas Intermediate futures up about 2% at $85.10 a barrel, while Brent crude rose 1.9% to $92.39. Gold fell 0.8% to $4,418 an ounce, and Nasdaq futures slipped 0.5%. Major Asian stock markets also traded lower.

Bitcoin has still delivered stronger returns than other assets. The token has gained 23% this month, well ahead of gold's 9% rise and the Nasdaq's 4% advance over the same period. Major altcoins were slightly weaker, with XRP down 0.8% and Solana lower by 0.6%.

Recent strength in Bitcoin has been linked to inflows into U.S. spot exchange-traded funds and expectations for increased liquidity after the Treasury Department expanded its bond buyback program. U.S. spot Bitcoin ETFs posted $2.8 billion of net inflows over the past two weeks.