U.S. strikes on Iran fail to stir bitcoin, on track for best month since November 2024
Bitcoin continues to show strong monthly performance despite geopolitical tensions in the Middle East following U.S. strikes on Iran. While oil prices have surged due to the conflict, cryptocurrency markets remain largely resilient, even as investors weigh the potential for a September interest rate hike.
Why it matters
The divergence between rising oil prices and stable crypto assets highlights shifting investor sentiment and the impact of macroeconomic policy on digital asset markets.
The cryptocurrency is still up more than 24% for August, the best performance for the month since 2017 and the biggest one-month gain since November 2024. Over the past 24 hours, it’s added 0.5%, while the broader market, as measured by the CoinDesk 20 ( CD20 ) index, lost 0.75%.
Stock markets are seeing mixed performance. While Japan’s Nikkei 225 fell 0.14%, Hong Kong’s Hang Seng was little changed and South Korea’s KOSPI rose 0.46%. Both Germany’s DAX and U.S. stock futures are pointing lower.
Standing out are oil prices. Brent crude jumped to more than $90 per barrel after U.S. forces struck Iranian rocket launchers, and faced retaliation in the form of strikes in its local military bases. Gold, meanwhile, receded to $4,440 per ounce.
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