Bitcoin Holds, Wall Street Stalls as Oil Shock Revives Fed Hike Bets

In brief

• Bitcoin traded at $78,524 Tuesday, down 0.72%, while the S&P 500 closed at 7,689.80, off 0.37%, as oil pushed toward $100 a barrel on renewed U.S.-Iran fighting in the Strait of Hormuz.
• Friday's August jobs report showed employers added 162,000 positions, nearly triple the 53,000 forecast, pushing September rate-hike odds to roughly 57-59% on the CME FedWatch tool.
• On Myriad, traders are pricing a 78.4% chance Bitcoin hits $84,000 before it falls to $55,000, barely moved from a week ago despite the pullback.

Bitcoin’s hot summer has come up against Red September once again, today down close to another 1% after a monster 20% rally. It’s not alone, as macro forces weigh on markets across the board.

Bitcoin today was trading for around $78,524, down 0.72% on the day, while the S&P 500 is currently trading at around 7,689.80, off 0.37%. Both moves came as oil prices pushed toward $100 a barrel on fresh U.S.-Iran hostilities in the Strait of Hormuz, the narrow waterway that ships roughly a fifth of the world's oil.

Rising oil prices tend to feed straight into inflation, since energy costs ripple through shipping and manufacturing alike, which makes the Federal Reserve’s upcoming decision on interest rates even harder to call.