Cryptocurrencies start the week on strong footing with Bitcoin Soaring above $74,000, U.S. stocks rebounded as oil prices fell.
In early US trading, BTC hit its highest price since early February to $74,500, rising 3.9% in the past 24 hours. The largest cryptocurrency broke out of a six-week range, boosting sentiment across the market and boosting interest in smaller, riskier coins.
Bitcoin’s rebound from the $60,000 bottom in early February is now approaching 25%, a notable move considering there have been several rallies of similar amounts during the long crypto winter of 2022. These rallies failed multiple times that year until it finally broke above $16,000 in November, which coincided with FTX’s collapse.
Altcoins have gained more than Bitcoin in the past 24 hours. Ethereum (ETH), Solana (SOL) and Both accounted for more than 7%, indicating renewed interest in riskier crypto assets after a period when capital was primarily concentrated in Bitcoin.
U.S. stock indexes were also higher after recent losses. The Nasdaq and S&P 500 were both up more than 1% in early trading. At the same time, oil prices, the main driver of recent macro fluctuations, have retreated. Crude oil futures briefly topped $100 a barrel over the weekend before falling about 4% on Monday as Iran attacked energy infrastructure in the Middle East.
Monday’s action comes as tensions appear to be easing slightly around the Strait of Hormuz, a key oil shipping route between the Persian Gulf and global markets. US President Donald Trump has called on other countries to help secure the waterway, while some Pakistani tankers have reportedly crossed the strait, suggesting traffic in the corridor has not yet been completely disrupted.
Cryptocurrency-related stocks were higher on Monday, with Circle (CRCL) rising 6%. Strategy (MSTR) and Coinbase (COIN) were up about 5% and 3%, respectively.
Bitcoin miners also benefit
Amsterdam-based artificial intelligence infrastructure provider Nebius (NBIS) and Meta (META) have signed a deal worth up to approximately $27 billion, marking one of the largest artificial intelligence computing partnerships announced this year.
Under the five-year agreement, Nebius will provide approximately $12 billion in dedicated AI computing capabilities across multiple locations. The infrastructure will be built on one of the first large-scale deployments of NVIDIA systems and is designed to support Meta’s expanding artificial intelligence workloads.
After the news was announced, Nebius shares rose about 13% and Meta rose 2.5%.
The deal appears to have boosted sentiment among the broader artificial intelligence computing and data center community. Among Bitcoin-related names: IREN (IREN) rose 6%, Galaxy Digital (GLXY) rose 8%, and Cipher Mining (CIFR) rose 7%.
Meanwhile, TeraWulf (WULF) secured a $500 million, 364-day senior secured bridge loan, led by Morgan Stanley, to fund the construction of its Hawesville, Ky., data center, providing development capital while arranging long-term project financing. After the news was announced, the stock price rose about 12%.
