Markets
What to know:
- Bitcoin has somehow lumbered off the weekend’s nadir in U.S. Monday trading, like a stubborn cat finally stepping out of the laundry basket.
- Rumors suggested Iran was weighing concessions on its nuclear program as a way to end the war, which is the sort of news that belongs in a desk drawer labeled “storm in a teacup.”
- U.S. stocks have also reversed sizable early losses, with crypto-related shares broadly higher.
The slide that began Saturday night, after Vice President J.D. Vance left Pakistan without securing a peace deal in Iran, has, for the moment, somewhat reversed.
After falling to as low as $70,500 at one point Sunday, the price of bitcoin has bounced back to $72,100 during U.S. Monday morning trading hours. Helping were reports suggesting Iran was considering abandoning its enriched uranium as a concession toward ending the war, which sounds less dramatic if you say it aloud while sipping tea.
U.S. stocks have also reversed big early losses, the Nasdaq now higher by 0.3% after sliding more than 1%.
Meanwhile, the promised U.S. blockade of the Strait of Hormuz – scheduled for 10 am ET – has apparently gone into effect, like a late-night prank that stubbornly refuses to unwind.
\”Security in the Persian Gulf and the Sea of Oman is either for everyone or for NO ONE,\” the Islamic Republic of Iran Broadcasting reported Monday. \”NO PORT in the region will be safe,\” according to a statement from Iran’s military and the Revolutionary Guards.
Crypto-related stocks are on the move higher as well, led by an 8.3% gain for stablecoin issuer Circle (CRCL). Coinbase (COIN) is up 3.1% and Strategy (MSTR) by 1.5%.
Does lightning strike twice?
Bitcoin has now been consolidating for 67 days since its local bottom on Feb. 5 at $60,000, almost identical to the 68-day consolidation between Nov. 21 and Jan. 28, which preceded a plunge from roughly $90,000 to $60,000 in the span of a week. Bears pine for a repeat, perhaps a retest of the 200-week moving average around $60,000, like a metronome waiting for the drumbeat of doom.
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2026-04-13 17:53