Bitcoin trades lower by nearly 1% as escalating U.S.-Iran hostilities push oil higher.
- Bitcoin fell nearly 1% to about $79,700 as escalating U.S.-Iran hostilities pushed oil prices higher.
- U.S. forces struck three Iranian oil tankers and expanded maritime enforcement, while oil extended its September gain to more than 6%.
- Higher oil prices and stronger-than-expected U.S. job growth could constrain Federal Reserve interest rate cuts, while President Donald Trump’s demands for lower borrowing costs.
Bitcoin is nursing losses as crude trades higher following a weekend of escalation escalation in the U.S.-Iran war.
On Saturday, U.S. Central Command (Centcom) confirmed striking three Iranian oil tankers, M/T Downy, M/T Stark 1, and M/T Kylo, near Kharg Island, Jask, and in the Gulf of Oman, respectively.
“If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours,” Admiral Brad Cooper said following the attack.
Centcom also updated figures on its naval blockade of Iran, reporting that U.S. forces have redirected 92 merchant ships, disabled three and boarded two since operations resumed on July 14, a sign of the intensifying maritime enforcement in the region.
Oil prices are up 1% on both sides of the Atlantic, with the barrel of WTI changing hands at $92.72. Prices have gained over 6% in the first seven days of September, extending the recovery from the early July low of around $70. An elevated oil can add to inflation worldwide, making it harder for central banks, including the Fed, to cut borrowing costs. That’s why it is generally seen as a headwind for fiat liquidity-addicted financial markets.
Bitcoin, the leading cryptocurrency by market value, traded near $79,700 as of this writing, down nearly 1% since midnight UTC, according to CoinDesk. Prices moved back and forth around the $80,000 over the weekend. Late Sunday, Liquid Network, used by exchanges as a settlement layer, faced a $320 million exploit.
The odds of a Fed rate hike strengthened Friday after the U.S. reported a stronger-than-expected job growth in August.
President Donald Trump, however, immediately called for lower rates.
«The Fed Board, with its great new leader, must get smart — BE PATRIOTS for a change,» Trump said in a Truth Social post Friday. “»A STRONG COUNTRY MEANS A LOWER INTEREST RATE — IT’S A BETTER CREDIT…Very simple!”
«We should have the LOWEST RATE of any country in the World … LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT,» he added.
Trump’s renewed push for lower rates complicates life for Fed Chair Warsh, now caught between a dovish president and a strong labor market report. Rather than a rate hike, it’s this uncertainty that could dampen animal spirits in bitcoin and the broader market.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Anvil: The Missing Collateral Layer
Anvil: The Missing Collateral Layer
Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
Why it matters:
Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.
This cat memecoin has paid holders $2.8 million in Zcash as ZEC tops $1,200
Bitcoin network used by exchanges hit by $320 million exploit. Hackers claim they’re the ‘good guys’
Timing the bitcoin market is exciting but nearly impossible. Here’s why
This cat memecoin has paid holders $2.8 million in Zcash as ZEC tops $1,200
Bitcoin network used by exchanges hit by $320 million exploit. Hackers claim they’re the ‘good guys’
