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Bitcoin Holds Below $77,000 as Middle East Tensions Pressure Crypto Market

Bitcoin Holds Below $77,000 as Middle East Tensions Pressure Crypto Market

Higher oil prices and Treasury yields are weighing on risk appetite as traders assess the outlook for September.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 2 September 2026 13:02 IST

Bitcoin Holds Below $77,000 as Middle East Tensions Pressure Crypto Market

Photo Credit: Unsplash/Kanchanara

Traders monitor shifting expectations around global interest rates and inflation

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Highlights

Bitcoin’s correlation with gold reaches a record 0.8
August ETF inflows hit their strongest level since 2025
US jobs data could provide the next market catalyst

Bitcoin traded near Rs. 73.6 lakh on Wednesday as the cryptocurrency market came under pressure from rising geopolitical and macroeconomic risks after August's strong gains. Ethereum (ETH) was trading near Rs. 2.3 lakh, while major altcoins also remained subdued. According to market participants, higher oil prices and US Treasury yields are weighing on risk appetite. At the same time, stronger expectations of a September Federal Reserve rate hike have added to the pressure. According to CoinGecko data, Bitcoin traded near $77,500 (roughly Rs. 73.6 lakh), and Ethereum (ETH) traded near $2,400 (roughly Rs. 2.27 lakh).

The world's largest cryptocurrency was trading near the $77,000 (roughly Rs. 73.1 lakh) mark, as per the Gadgets 360 price tracker. Analysts said Bitcoin's 30-day correlation with gold has climbed to a record 0.8, while US spot Bitcoin ETFs recorded $3.5 billion (roughly Rs. 33,236 crore) in net inflows during August, their best monthly performance since September 2025.

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Major altcoins traded with mixed momentum on Wednesday.

Binance Coin (BNB) was priced around $688 (roughly Rs. 65,300), while Solana (SOL) traded near $100 (roughly Rs. 9,500). XRP hovered around $1.35 (roughly Rs. 128), while Dogecoin (DOGE) was trading close to $0.082 (roughly Rs. 7.8), indicating continued caution across major cryptocurrencies.

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Gold Correlation Offers A Potentially Bullish Signal

Pointing to Bitcoin's resilience despite rising macro risks, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin's 30-day correlation with gold has climbed to a record 0.8, a potentially bullish signal [...] Institutional demand also remains strong, with spot Bitcoin ETFs posting $3.5 billion (roughly Rs. 33,236 crore) in August net inflows, their best month since September 2025. Trading close to the support zone, Bitcoin needs to hold above the $76,000 (roughly Rs. 72.17 lakh) mark. A move below this level could retest the $73,000 (roughly Rs. 69.32 lakh) zone.”

Highlighting the impact of geopolitical and macroeconomic developments on Bitcoin, the CoinSwitch Markets Desk said, “Brent crude has climbed following the latest developments around the Strait of Hormuz, while the US 10-year Treasury yield has reached a 19-month high. With higher energy prices potentially keeping inflation elevated, expectations for near term Fed rate cuts have also come under pressure [...] September has historically been a weaker month for BTC, so a period of consolidation and elevated volatility would be consistent with the seasonal pattern.”

Assessing Bitcoin's latest decline and the role of institutional demand, Vikram Subburaj, CEO, Giottus.com, said, “Stronger expectations of a September Fed rate hike are also adding pressure. Markets now price roughly a 67 percent probability of a 25-basis-point hike. Attention now turns to Friday's US jobs report, which remains the next major trigger [...] Crypto-specific demand is still providing some support [...] Investors should avoid aggressive leverage and prefer staggered entries.”

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Overall, analysts said higher oil prices, rising Treasury yields and increased expectations of a September Fed rate hike could keep risk appetite subdued, while Friday's US jobs report may provide the next major market catalyst. Bitcoin's ability to hold above $76,000 (roughly Rs. 72.17 lakh) will be important for maintaining its broader structure, while a sustained recovery above $80,000 (roughly Rs. 75.97 lakh) could signal renewed momentum.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Bitcoin, Ethereum, Crypto markets, Crypto Prices, Cryptocurrency

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More