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 Koreas 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.