Bitcoin steady at $77.7k amid M.East tensions, rate hike jitters

Bitcoin maintained a stable price around $77.7k on Monday, as markets digested the intensifying Middle East conflicts and the likelihood of a Federal Reserve interest rate hike this week, according to wire material. The largest cryptocurrency gained 0.8% to $77,760.7 by 02:09 ET (06:09 GMT), following a 3% decline last week. Other major cryptocurrencies also saw slight gains, but remained within a narrow range due to a host of uncertainties for the sector.

Regulatory uncertainty in the U.S., stemming from a potential September 15 Congressional vote on the Clarity Act, added to the market's unease. The ongoing tensions between the U.S. and Iran over the Strait of Hormuz, coupled with the recent attacks by Iran-aligned Houthis in Yemen targeting Saudi Arabia, raised concerns about potential oil supply disruptions.

The prospect of higher energy-driven inflation and subsequent global interest rate hikes weighed heavily on Bitcoin and speculative markets. The Federal Reserve's decision to raise interest rates by 25 basis points was a primary focus, given several policymakers' concern over persistent inflation. The focus within the crypto space was also on the Clarity Act's progress in the U.S. Congress—a long-delayed bill that had been set for a vote on Tuesday but remained uncertain due to the need for a 60-vote threshold.

Among other notable moves, Ether gained 0.2% to $2,518.72, while XRP climbed 1.7%. Solana, Cardano, and BNB saw modest increases of less than 1% each. In the realm of meme coins, Dogecoin remained flat, while $TRUMP rose by 0.7%.