1309 ET - Behavior as a "safe-haven asset" similar to gold is being seen in bitcoin--although macro signals are limiting investor appetite for it in this role, says James Butterfill of CoinShares in a note. He thinks that a resolution in the Iran conflict or "further deterioration in confidence in U.S. sovereign debt" could allow bitcoin to break out from resistance of $80,000. As for inflation, Butterfill thinks the market's pricing of a September hike still looks too aggressive, "particularly given softer labor data and the divergence now emerging within the Fed over how much weight to place on inflation versus employment." Bitcoin is down 2.1% to $79,823, while ethereum is off 1.8% to $2,461, and XRP falls 4.4% to $1.41.
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