Bitcoin drops below $77k amid geopolitical tensions and upcoming US economic data; employment and manufacturing reports this week could drive volatility.
Macro & Markets ·
Bitcoin traded near $78,623 on Monday, posting a 24% gain for August—its strongest month since 2017—despite U.S. military strikes on Iran lifting oil prices and pressuring equities lower. The cryptocurrency's resilience contrasts with weakness elsewhere, as Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole remarks pushed September rate-hike odds to around 58%, weighing on gold and stocks including the S&P 500 and Nasdaq. Spot Bitcoin ETFs ended a nine-day inflow streak while derivatives data indicated traders were repositioning capital rather than deploying fresh funds into the market.