Key facts
- U.S. forces struck three Iranian oil tankers in the Persian Gulf.
- The action was a response to Iran launching missiles at two U.S. Navy warships.
- Bitcoin's price remained stable, trading just below $80,000.
- Upcoming U.S. CPI and PPI inflation data are expected to influence market volatility.
- Federal Reserve officials have indicated that inflation readings could impact future rate decisions.
Bitcoin experienced little change amidst heightened geopolitical tensions, as U.S. forces conducted strikes on three Iranian oil tankers. This action followed Iran's missile launches targeting two U.S. Navy warships. CENTCOM commander Adm. Brad Cooper stated the strikes were intended to impose economic costs on Iran. Despite the escalation, Bitcoin traded just below the $80,000 mark, showing less than a 1% daily increase. The cryptocurrency had seen a decline the previous day, influenced by stronger-than-expected U.S. jobs data that fueled speculation of a potential Federal Reserve interest rate hike. Comments from Fed officials, including Governor Chris Waller, have indicated that upcoming August inflation readings, specifically CPI and PPI data, will be crucial in determining future monetary policy. Traders are closely watching these inflation figures, which are anticipated to cause significant market volatility, with current sentiment on Polymarket showing an almost even split regarding the likelihood of a September rate hike or hold.