Bitcoin Holds Near $78,000 as Market Caught Between Fed Hawkishness and Geopolitical Tensions

Bitcoin entered the August 31 Southeast Asia morning session at $77,906, down 0.22% over 24 hours, as markets digested a hawkish Federal Reserve commentary and a fresh Middle East oil shock. The asset briefly surged to $79,000 but quickly reversed course, falling back to around $77,778. Fed Chair Kevin Warsh used his Jackson Hole appearance to raise the odds of a rate hike, calling the 2% inflation target "firm and fixed". This is the opposite of what a risk-on crypto rally wants to hear. Meanwhile, U.S. forces struck Iranian rocket launchers near the Strait of Hormuz, sending Brent crude oil above $90 per barrel. The crypto market spent the afternoon caught between Bitcoin clinging near $80,000 and a Fed signaling it may raise rates instead of cut them.
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