Bitcoin Unchanged as U.S. Strikes Three Iranian Oil Tankers After Attacks on Warships
Bitcoin Unchanged as U.S. Strikes Three Iranian Oil Tankers After Attacks on Warships
- Cryptocurrency
Crystal Kim- 4 minutes read
Bitcoin remained largely unchanged amid the latest escalation in the U.S.-Iran war, with the U.S. striking three Iranian oil tankers in retaliation for earlier attacks on its warships. However, BTC faces a huge and potentially volatile week ahead with the release of the latest inflation readings.
Bitcoin Holds Steady Amid Latest U.S.-Iran Attacks
In an X post, the U.S. Central Command (CENTCOM) revealed that its forces struck three Iranian oil tankers after Iran launched missiles at two U.S. Navy warships. “Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours,” CENTCOM commander Adm. Brad Cooper said.
Bitcoin held steady amid these latest attacks, trading just below the psychological $80,000 level. BTC is trading at around $79,800, up less than 1% on the day, according to TradingView data.
Bitcoin had tumbled yesterday following the release of the August U.S. jobs report, which came in way stronger than expected. This boosted bets of a potential Fed rate hike, which could happen as soon as this month’s FOMC meeting.
Fed Governor Chris Waller eased concerns about a September rate hike earlier in the week, saying he was leaning toward holding rates unchanged. However, he noted that the upcoming August inflation readings could sway his decision.
All Eyes On Next Week’s CPI and PPI Data
The market is focused on the release of the August CPI and PPI data next week, which could spark significant volatility for Bitcoin and the broader crypto market. Waller mentioned that a hot inflation reading could prompt him to consider a hike.
Meanwhile, other Fed officials such as Fed President Beth Hammack have also raised concerns about rising inflation, signaling their readiness to back a hike. Fed Chair Kevin Warsh, in his Jackson Hole speech, vowed that they are ready to do what they must do if inflation doesn’t show signs of slowing.
Ahead of the CPI and PPI release, crypto traders are almost evenly split on whether the Fed will hold or hike rates at the September FOMC meeting. Data from the top crypto prediction market platform Polymarket shows a 51% chance that they will hold rates steady and a 50% chance they will hike rates.
