Bitcoin Holds Steady Above $77,800 Despite Rising Oil Prices

Bitcoin traded above $77,800 during Asian morning hours Thursday, up roughly 1% over the previous 24 hours despite ongoing gains in oil prices driven by renewed geopolitical tensions in the Middle East.

WTI crude rose another 2% to reach its highest level since late July, while Brent crude also climbed higher. Despite this, both Bitcoin and gold largely brushed off the pressure, with gold holding firmly above $4,400 an ounce.

BNB led daily gains among major tokens, followed closely by XRP and Dogecoin, while several other assets including Tron, Solana and Zcash posted modest increases. Ether and Hyperliquid remained largely unchanged on the day, and despite the daily gains, Bitcoin remained down for the week overall.

Global Investors Cut Dollar Hedging to Decade Low

In a notable shift, pension funds and insurers across several major markets, including Japan, Canada and Taiwan, have reduced their foreign currency hedging on US dollar exposure to the lowest level recorded in at least a decade. This trend suggests a growing shift away from viewing the dollar as a reliable safe haven during periods of market stress.

Analysts are closely watching whether the Japanese yen strengthens further, as any broader unwind in dollar exposure is expected to show up first in currency markets, an area that crypto prices have been tracking closely throughout the week.