Bitcoin Tops $80K; Oil, Gold Rise as AI Warnings Loom

Bitcoin climbed back above $80,000 on Thursday as oil and gold prices rose and markets reacted to warnings from major AI developers and stalled U.S.-Iran diplomacy. Renewed inflows into U.S. Bitcoin exchange-traded funds and stronger technology stocks supported risk appetite.

OpenAI and Anthropic, joined by more than 100 technology and financial firms, published an open letter urging businesses, governments and security providers to strengthen defenses against cyberattacks that use advanced AI. The groups called for fixing known software vulnerabilities, for cybersecurity vendors to bolster protections against AI-related threats, and for governments to coordinate more closely with industry. They also requested that leading AI developers provide access to tools, funding and training for teams defending critical infrastructure. The appeal followed several incidents involving advanced AI models; OpenAI acknowledged it could have responded sooner to a July event linked to Hugging Face.

Cryptocurrency markets saw renewed interest. Bitcoin rose as much as 2% to about $80,122, moving above $80,000 for the first time since May. The rebound coincided with a technology sector rally after strong corporate results and a positive outlook from a major chipmaker. U.S. Bitcoin ETFs attracted more than $2.6 billion over the past eight trading sessions, and for the first time in about three months Bitcoin traded at a premium on Coinbase versus Binance, a pattern that may reflect stronger U.S. demand. The cryptocurrency remains below its record near $126,000 from last October. Analysts noted that sustaining current levels could hinge on fresh buying rather than forced purchases tied to recent liquidations of leveraged positions.

Oil prices rose as prospects for a quick diplomatic resolution with Iran dimmed. Brent crude climbed about 2.6% to $90.14 a barrel and U.S. West Texas Intermediate gained roughly 1.9% to $83.81. U.S. officials indicated they were not currently negotiating with Tehran, reducing expectations of a near-term breakthrough that could restore disrupted supplies. Traffic through the Strait of Hormuz remained limited, with 10 commodity vessels transiting on Wednesday, below the 10-day average of 15 and well under pre-conflict levels when the waterway handled roughly one-fifth of global daily oil and liquefied natural gas shipments.

Gold edged higher as the dollar weakened. Spot gold rose about 0.3% to $4,606.90 an ounce, while U.S. December futures gained 0.18% to $4,661. Investors also reacted to the U.S. Treasury’s decision to increase buybacks of older, long-dated bonds and to continued demand from exchange-traded funds and some central banks. Traders were watching speeches at the Jackson Hole symposium for signals on monetary policy after personal consumption expenditures inflation rose 3.7% year-on-year through July. Markets assigned roughly a one-in-three chance of a rate increase in September and about a three-in-four chance by December.

Other precious metals advanced as well, with silver, platinum and palladium posting gains. Higher real interest rates reduce gold’s relative appeal because the metal does not generate interest income, while ETF flows and central-bank purchases provided support. Market moves on Thursday reflected a mix of policy uncertainty, technical flows and geopolitical developments, with AI-related security warnings and Middle East tensions influencing asset prices.