Bitcoin · U.S. · Iran · Federal Reserve (FED) · Kevin Warsh · Decrypt
Kalchev pointed to derivatives data suggesting traders are repositioning rather than committing fresh capital
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Compounding the pressure is Fed Chair Kevin Warsh's hawkish Jackson Hole address, which pushed September rate-hike odds to around 58% from roughly 35% before he spoke.
Key facts
- The largest cryptocurrency traded around $78,623 on Monday, down 0.7% over 24 hours, according to CoinGecko, after dipping to an intraday low near $77,162
- West Texas Intermediate futures climbed 2.6% to around $85.60 a barrel
- Ethereum traded near $2,448 on Monday, down slightly but heading into month-end with a gain approaching 30%
- Compounding the pressure is Fed Chair Kevin Warsh's hawkish Jackson Hole address, which pushed September rate-hike odds to around 58% from roughly 35% before he spoke
Summary
Bitcoin held around $78,623 on Monday, down 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 0.7% over 24 hours, according to CoinGecko, after dipping to an intraday low near $77,162.