Live updates: Bitcoin slips below $78,500 as stocks close lower

Iran launched attacks against U.S. naval vessels on Monday, according to a report published minutes ago in the WSJ. The U.S. military has not yet acknowledged the attacks, the report continued.

While no U.S. ships were struck, fears are growing that Iran is using more sophisticated weapons and could be getting support from China or Russia, U.S officials told the Journal.

The news sent oil sharply higher, with WTI crude now up 2.5% to $93.77 per barrel.

That dinged stocks a bit into the close with the S&P 500 losing 0.55% and the DJIA falling 1.15%. The Nasdaq slumped just 0.35%.

Bitcoin is trading at $78,450, down 1.15% over the past 24 hours.

The S&P 500 is down just 0.35% on today, and there are nearly 90 minutes left in the trading session.

Were the S&P to close lower, though, it would be the 10th consecutive down session for the average on a Tuesday following Labor Day, according to Bespoke.

The average weekly post-Labor Day loss over the past 10 years is 0.8%, and the average for the rest of September is negative 1.17%. The rest of the year, however, has been positive, averaging a gain of 3.57%.

Modestly lower early on Tuesday, a number of crypto majors are sporting gains in midday U.S. action.

Leading is XRP (XRP), now higher by 3.6% over the past 24 hours to $1.43. Showing smaller gains are ether (ETH), up 1.2%, and solana (SOL), up 1%.

After dipping below $78,000 earlier this morning, bitcoin has climbed to $78,850, or flat over the past 24 hours.

U.S. stocks are well off their session lows, the Nasdaq down just 0.1%.

Possibly helping is some moderation in oil prices. After threatening to bust through $100 per barrel hours ago, Brent Crude has pulled back to $97.50, up only 0.6% for the day.

Qualcomm (QCOM) announces a “multi-generation” deal with Amazon for customized silicon for AWS AI infrastructure.

The deal provides for as much as $60 billioin in payments, with Qualcomm issuing to Amazon warrants for up to 25 million in QCOM stock with an exercise price of $161.26.

The recently roughed-up QCOM is higher to 7% to $180.40 on the news.

Bitmine Immersion’s (BMNR) reached 5.93 million ether (ETH) tokens, or roughly 4.9% of the total supply, after the company acquired roughly 30,000 ETH last week.

“We believe there are multiple positive catalysts as we head into the final months of 2026," said Chairman Tom Lee. "These include the upcoming CLARITY Act vote scheduled in mid-September. Additionally, Korean investors have again started buying crypto and rotating away from AI stocks. The 4-year cycle is bottoming within the next few weeks in our view. And this sets the stage for what we expect to be sizable institutional participation in buying crypto in the final months of 2026, especially given the tailwinds of tokenization and Agentic-AI."

Taking advantage of the strength in both its common and preferred stocks, Matt Cole’s Strive (ASST) purchased 1,375 bitcoin last week, bringing total holdings to 24,531 coins.

The company sold more than 2 million shares of its common stock, and more than 900,000 shares of its high-yielding preferred stock, SATA, which spent last week trading right around par value of $100.

ASST is lower by 2.7% pre-market alongside a decline in the price of bitcoin to about $78,000.

According to Bloomberg, the People’s Bank of China (PBOC) added 650,000 ounces of gold to its reserves, its largest monthly purchase since 2023. The increase extended the central bank’s gold-buying streak to 22 consecutive months.

Gold surged to a record high of $5,600 an ounce in January 2026 but has since fallen by around 20%, now trading around $4,400 an ounce.

The week’s biggest macro event arrives on Friday with the release of U.S. inflation data. Markets are currently pricing in a 60% probability of a 25-basis-point interest-rate hike, according to the CME FedWatch Tool.

Headline inflation is expected to rise 2.4% year over year and 0.4% month over month. Core inflation, which excludes food and energy, is forecast to increase 2.4% annually and 0.2% on a monthly basis.

Futures tied to West Texas Intermediate (WTI) crude oil are trading at $94.44 as of this writing. That’s the highest since June 8, according to data source TradingView.

Prices have risen by 9.5% this month, reviving inflation fears. This, coupled with Friday’s strong U.S. nonfarm payrolls report, has prompted traders to price in a 60% chance of the Fed raising interest rates at its Sept. 16 meeting, CME’s FedWatch tool shows.

Bitcoin is therefore trading under pressure, changing hands at $78,400, down 0.9% since midnight UTC.

Risk-off sentiment returned on Tuesday following the U.S. Labor Day holiday. The yen extended its rally against the U.S. dollar, strengthening beyond 154 to reach 152.99, its strongest level since February. The move has renewed concerns about an unwinding of the yen carry trade, which could put further pressure on global risk assets.

Bitcoin has dropped more than 1% over the past 24 hours, hovering just above $78,000, while gold has fallen 1% to $4,390 an ounce. Technology stocks are also slightly lower in pre-market trading, with the Invesco QQQ down 0.16%.

Oil continues to move higher, with Brent crude approaching $100 a barrel, 2% higher over the past 24 hours and at its highest level since June. WTI crude is nearing $95 a barrel after gaining 3.5%.

Meanwhile, global bond yields have moved higher. The U.S. 10-year Treasury yield is firmly above 4.8%, while government bond yields in the U.K., France and Germany have also risen.