Bitcoin and stocks hold steady as oil rallies today

Brent crude pushed past $100 a barrel on Wednesday for the first time since July as the conflict between the U.S. and Iran intensified and traders weighed the risk of more trouble for energy flows out of the Middle East.

The international benchmark climbed 2.57% to $100.44, while West Texas Intermediate rose 2.03% to $94.92 for the November contract.

The move came after the U.S. military struck five Iranian oil carriers on Tuesday. The operation followed two separate missile attempts against an American Navy vessel over the previous two days. The ship avoided both attacks, remained on patrol in the region, and nobody on board was injured.

U.S. Central Command said the targeted tankers were tied to the Islamic Revolutionary Guard Corps. Four of them, the M/T Kaviz, M/T Charminar, M/T Horizon 1 and M/T Riesco, were hit in the Gulf of Oman. A fifth vessel, the M/T Derya, was struck near Kharg Island.

CENTCOM said crews were told to leave the ships before American forces disabled them. The command also linked the tankers to a multibillion-dollar network used to generate money for the IRGC and groups aligned with it across the region.

The latest operation followed another round of strikes on September 5, when U.S. forces took out three Iranian oil carriers after the IRGC tried to hit an American aircraft carrier and a guided-missile destroyer. CENTCOM said none of Iran’s attempts against U.S. Navy vessels succeeded.

Crypto-exposed equities are moving in very different directions today. Among the larger companies, MercadoLibre (MELI) is at $1,926.25, lower by 2.63%.

Robinhood (HOOD) is changing hands at $117.34, off 3.91%, while Strategy (MSTR) is at $136.52 after a 4.40% slide. Coinbase (COIN) is sitting at $178.94, down 3.09%.

Block (XYZ) is at $80.10, weaker by 3.21%, and PayPal (PYPL) is at $53.18, lower by 3.24%. Circle Internet Group (CRCL) has fallen 5.75% to $96.18, while Net Holding (NTHOL) is at $42.98, off 1.20%.

The mining side looks much stronger. IREN (IREN) is up 5.04% at $46.93, Hut 8 (HUT) has added 6.36% to $99.49, and TeraWulf (WULF) is ahead 8.18% at $17.86.

Riot Platforms (RIOT) is up 2.11% to $22.26, Cipher Digital (CIFR) has risen 4.34% to $18.51, and Core Scientific (CORZ) is higher by 4.70% at $18.73.

MARA Holdings (MARA) is at $11.83, up 4.60%. CleanSpark (CLSK) is ahead 6.23% at $13.48, Bitdeer Technologies (BTDR) has gained 2.34% to $12.67, and HIVE Digital Technologies (HIVE) is up 1.29% at $3.15. Bit Digital (BTBT) is also positive, adding 3.66% to $1.70, while Argo Blockchain (ARBK) is up 2.75% at $2.99.

Elsewhere, Nexon (NEXOY) is at $21.09, higher by 4.87%. Bitmine Immersion Technologies (BMNR) is slightly lower at $24.77, down 0.80%, while Galaxy Digital (GLXY) has moved 2.73% higher to $27.05.

Figure Technology Solutions (FIGR) is up 6.41% at $38.27. GameStop (GME) is at $18.89, down 1.41%, and Neptune Digital Assets (NDA) is at $0.66, lower by 1.49%. Bullish (BLSH) has slipped 1.31% to $35.53, while Rumble (RUM) is down 2.44% at $8.39.

Alliance Resource Partners (ARLP) is barely higher, adding 0.68% to $26.66. Twenty One Capital (XXI) is down 3.93% at $5.86, while Strive (ASST) is almost unchanged at $27.16, up 0.07%.

Some of the smaller names are posting much bigger moves. Greenidge Generation (GREE) has climbed 9.74% to $2.14, while Metaplanet (MTPLF) has dropped 10.25% to $1.62. Keel Infrastructure (KEEL) is up 7.49% at $3.73, and SharpLink (SBET) has gained 1.61% to $8.82.

Securitize (SECZ) is up 11.19% at $8.25. American Bitcoin (ABTC) has risen 5.26% to $8.41, and BitGo Holdings (BTGO) is ahead 6.03% at $7.74.

Gemini Space Station (GEMI) is flat at $4.68. Meliuz (CASH3) is at $5.34, down 0.74%, while Forward Industries (FWDI) has jumped 8.72% to $6.86. Prenetics (PRE) is up 0.71% at $25.62.

Canaan (CAN) is among the steeper decliners, falling 10.28% to $0.32. Exodus Movement (EXOD) is just above unchanged, up 0.13% at $7.42, while ProCap Financial (BRR) has gained 2.63% to $2.73.

The largest move on the board belongs to Boyaa International (BOYAF), which is up 50.15% at $0.38. Kulr Technology Group (KULR) is down 1.96% to $2.50, while Bitcoin Group SE (ADE) is unchanged at $26.70.

Intchains Group (ICG) is at $0.99, lower by 1.00%. Nano Labs (NA) is up 2.23% to $2.29, Sol Strategies (STKE) has gained 2.42% to $1.27, and Genius Group (GNS) is down 4.42% at $0.17.

Fold Holdings (FLD) rounds out the list at $0.56, up 3.90%.

A stronger August employment report has changed the mood around the Federal Reserve, and precious metals are feeling it.

Gold slipped 0.5% to $4,405.47 an ounce, after already losing 1% on Friday, while December futures fell the same amount to $4,452.20.

The labor numbers gave traders fresh reason to think another increase in borrowing costs could still happen this month.

Hiring improved sharply in August, and the jobless rate remained at 4.1%, easing some of the concern that had built around recent weakness in the U.S. labor market.

Attention now turns to two inflation reports that could shift expectations again. Producer prices arrive on Thursday, followed by consumer inflation on Friday.

Pricing tracked by CME FedWatch currently puts the odds of a hike at the September 15-16 Fed meeting at 58.4%.

That possibility is working against bullion because gold produces no yield of its own. When rates move higher, interest-bearing assets can look more attractive to investors, even though the metal is commonly used as protection when prices across the economy are rising.

Trump also brought trade policy into the rate debate on Friday. He said the U.S. would halt commerce with nations where America runs a trade deficit unless the Fed lowers rates.

The weakness spread across the rest of the precious-metals market. Silver lost 0.2% to $66.03 an ounce, platinum fell 0.8% to $1,805.53, and palladium dropped 0.7% to $1,396.08.

Bitcoin is back below $80,000 today, down around 1%, after a strong August run handed investors gains of more than 20% over the past 30 days.

And the OG crypto has already failed twice to hold onto $82,000 in the last two weeks, having kicked off this week trading below $80,000. The cryptocurrency is also below its 50-week moving average at $81,000, which it gave up in May.

Bitcoin is now trading inside a compression zone following the sharp move higher in late August. While crypto has cooled, oil is moving the other way after the U.S. and Iran exchanged strikes over the weekend, pushing Middle East tensions higher.

Brent crude futures climbed 1.5% to $97.73 a barrel on Monday and briefly reached $97.93, their highest level since July 23. West Texas Intermediate, the U.S. benchmark, rose 1.8% to $93.10, also reaching its highest level since late July.

European stocks were much quieter. The Stoxx Europe 600 finished at 649.90, up just 0.02 points, effectively flat on the day. France’s CAC 40 led the major indexes, rising 0.33%, or 27.38 points, to 8,306.15. Italy’s FTSE MIB gained 0.25%, or 129.14 points, to 52,229.57.

The FTSE 100 slipped 0.08%, or 8.96 points, to 10,822.13. Germany’s DAX closed at 26,006.53, down 39.87 points, or 0.15%, while Spain’s IBEX 35 dropped 0.14%, or 28.90 points, to 20,021.80.

Markets in Asia saw a far better performance. The Japanese Nikkei 225 index rallied by 2.12%, and South Korea’s Kospi index by 4.61%. The Chinese CSI 300 increased by 0.59%, as did the Australian S&P/ASX 200 also finished slightly higher.