Evening digest: Bitcoin hits $80K, oil and gold prices rise

Global markets were shaped by developments across artificial intelligence, cryptocurrencies and commodities on Thursday, with OpenAI and Anthropic urging governments and businesses to strengthen defenses against AI-enabled cyberattacks.

Bitcoin climbed back above $80,000 as renewed ETF demand and stronger risk appetite supported its rebound.

Oil prices rose as hopes for renewed US-Iran negotiations faded and flows through the Strait of Hormuz remained restricted.

Gold also edged higher as a weaker dollar supported demand while investors awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.

AI firms urge to prepare better against cyberattacks

OpenAI and Anthropic, along with more than 100 technology and financial services organizations, called for greater preparation against the growing threat of AI-enabled cyberattacks.

In an open letter, the companies urged businesses, governments and technology firms to make cyber defense an immediate leadership priority and address existing vulnerabilities in their software.

They also called on cybersecurity companies to strengthen defenses against attacks involving AI and urged governments to improve coordination with the technology industry when responding to potential threats.

The letter also asked leading AI companies to provide access to their technology, financial support and training for organizations responsible for defending critical infrastructure.

The push comes after several cybersecurity incidents involving advanced AI models.

OpenAI said Wednesday that it could have responded sooner to prevent a July incident involving Hugging Face. The signatories expect AI models to be used in increasingly sophisticated cyberattacks as the technology develops.

Bitcoin returns above $80,000 as ETF demand improves

Bitcoin rose as much as 2% to around $80,122, moving back above the $80,000 level for the first time since May.

The cryptocurrency's rebound came alongside stronger technology stocks following Nvidia's latest results and outlook.

US Bitcoin ETFs have attracted more than $2.6 billion over the past eight trading sessions, according to Bloomberg data, indicating renewed demand after months of weaker sentiment.

Bitcoin also traded at a premium on Coinbase compared with Binance for the first time in about three months, potentially pointing to stronger US demand.

However, the cryptocurrency remains well below its record high of about $126,000 reached last October.

The latest move follows a record liquidation of leveraged positions that helped push Bitcoin above $80,000 earlier in the week.

Sustaining the level could increasingly depend on fresh buying rather than forced purchases linked to short liquidations.

Oil rises as US-Iran talks remain stalled

Oil prices gained on Thursday after Washington said it was not currently negotiating with Iran, reducing expectations of a near-term diplomatic breakthrough that could restore energy flows.

Brent crude rose 2.6% to $90.14 a barrel, while West Texas Intermediate gained 1.9% to $83.81.

Both benchmarks recovered after three sessions of losses as investors reassessed the prospects for increased oil supplies from the Middle East.

Traffic through the Strait of Hormuz remains restricted.

Ten commodity vessels passed through the waterway on Wednesday, up from recent lows but below the 10-day average of 15 vessels, according to Kpler data.

The Strait handled about one-fifth of global daily oil and liquefied natural gas supplies before the conflict began in late February. Continued restrictions have therefore kept geopolitical risks elevated for energy markets.

Gold edges higher ahead of Warsh speech

Gold prices rose as the weaker US dollar supported demand for the precious metal. Spot gold gained 0.3% to $4,606.90 an ounce, while US gold futures for December delivery settled 0.18% higher at $4,661.

Gold's recent rally has been supported by concerns about dollar debasement following the US Treasury's decision to increase buybacks of older, long-dated bonds.

ETF and central-bank demand have also supported the market.

Investors are now awaiting Warsh's first address at the Jackson Hole symposium on Friday for indications about the Federal Reserve's approach to inflation and interest rates.

US PCE inflation rose 3.7% in the 12 months through July, above the 3.6% economists had expected.

Markets are pricing a 34% chance of a September rate hike and a 74% probability of a hike by December, according to the CME FedWatch Tool.

Higher interest rates can weigh on gold because the metal does not generate interest income. Silver, platinum and palladium also advanced on Thursday.