Bitcoin Holds Near $77,500 as Iran Strikes Hit Solana, Tron Harder

TL;DR

• Bitcoin fell roughly 1% following U.S. airstrikes on Iran, while Solana and Tron declined more than 3%.

• Brent crude climbed above $95, and the U.S. 10-year Treasury yield reached a three-year high of 4.81%.

• Traders now price a 66% probability of a Federal Reserve rate increase in September.

Bitcoin traded near $77,500 during Asian hours on Wednesday as cryptocurrency markets reacted to U.S. airstrikes on Iran and renewed pressure from oil and bond markets.

The selling following the strikes was uneven. Solana and Tron each lost more than 3% over 24 hours, while Bitcoin declined by approximately 1%.

The performance gap suggests traders reduced exposure to more volatile crypto positions first while maintaining relatively stronger demand for Bitcoin.

Solana and Tron Lead Major-Crypto Losses

Solana retreated to approximately $100, while Tron fell to around $0.32. The two tokens were the weakest-performing major cryptocurrencies during the session.

Ether declined 2% to slightly above $2,414, while XRP dropped nearly 2% to approximately $1.35.

Dogecoin also lost close to 2%, trading just above $0.08, while Hyperliquid’s HYPE token fell more than 1% to around $83.

BNB was the most resilient major altcoin, slipping by less than 1% to trade near $687, according to CoinDesk data.

Despite the broader daily losses, all the major assets moved higher over the preceding hour. The rebound emerged while Asian equity markets were recording their steepest declines of the session.

The sell-off was primarily driven by macroeconomic developments rather than crypto-specific events.

Brent crude climbed above $95 as the airstrikes renewed concerns about shipping disruptions through the Strait of Hormuz, a critical route for global energy supplies.

Higher oil prices can increase inflation expectations, complicating the outlook for monetary policy and weighing on risk-sensitive assets.

At the same time, the yield on the 10-year U.S. Treasury note reached 4.81% overnight, its highest level in approximately three years.

September Fed Rate-Hike Odds Rise to 66%

Changing expectations for U.S. interest rates added to the pressure. According to the CME FedWatch tool, traders assigned a 66% probability to a Federal Reserve rate increase at its September meeting. That figure had risen from approximately 40% one week earlier.

The change followed comments from Fed Chair Kevin Warsh at Jackson Hole, where he suggested monetary policy might not yet be restrictive enough to bring inflation under control.

Higher interest rates typically strengthen the appeal of yield-bearing assets and increase borrowing costs, creating headwinds for Bitcoin, equities and other risk assets.

Gold fell to approximately $4,296 per ounce, extending its decline for a second consecutive session.

Its weakness complicates the typical safe-haven interpretation of the market’s reaction. Rather than investors simply moving capital from risk assets into hard assets, the simultaneous declines in crypto, equities and gold suggest that rising yields and a stronger dollar are exerting broader pressure.

Before the airstrikes, Bitfinex analysts said Bitcoin was positioned to consolidate or gradually move higher unless a broad decline across risk assets pulled the cryptocurrency lower.

U.S. Jobs Report Could Determine Bitcoin’s Next Move

Friday’s August employment report will be the next major test for markets. Economists expect the U.S. economy to have added approximately 55,000 jobs after losing 23,000 positions in July.

A stronger-than-expected report could reinforce expectations for a September rate hike, keeping pressure on Bitcoin and more volatile altcoins. A weaker reading could reduce those expectations and improve demand for risk assets.

Investors will then turn their attention to inflation data scheduled for September 11, the Clarity Act vote on September 15 and the Federal Reserve’s interest-rate decision the following day.

Bitcoin’s ability to remain resilient near $77,500 will likely depend on whether incoming data eases or strengthens expectations for tighter U.S. monetary policy.