Live markets: Bitcoin gives back some gains as SpaceX's post-IPO rally extends to 40%

In late U.S. afternoon trading, bitcoin (BTC) has shed about 1% from its highest levels of the day to $66,500, still higher by 4.5% over the past 24 hours.

There's no such loss of momentum in Elon Musk's SpaceX (SPCX), though, which has added 18% to Friday's gain. At $190, the stock is now higher by 40% since its IPO Thursday night.

The broader Nasdaq is also at about a session high, up 3% minutes before the close of trade.

With Middle East concerns set to fade, market participants could start looking elsewhere for catalysts, be they positive or negative. That may mean a turn towards monetary policy.

The U.S. Federal Reserve policy meeting is this week on Tuesday and Wednesday. It's the first to be run by new Fed Chairman Kevin Warsh. Markets aren't expecting any rate changes this week, but do have one or more rate hikes baked in before year-end.

A WSJ report Monday morning suggested Warsh isn't a fan of the Fed's open communication policy. Given the Fed's poor track record in economic forecasting, Warsh has for years wondered why the central bank puts so much effort into providing guidance on where it expects interest rates to be months or years down the road.

Risk markets have risen to session highs at midday on the East Coast, with bitcoin (BTC) now at $67,100, ahead about 5% over the past 24 hours, while the Nasdaq climbs just shy of 3%.

Even with bitcoin's large advance, it's still only reclaimed territory going back to June 2.

Ether (ETH), XRP (XRP), and solana (SOL) percentage gains have doubled those of bitcoin.

Crude oil, meanwhile, is at about a session low of $80 per barrel, down 5.5% for the day.

Alongside the more than 10% move higher in solana, SOL-focused treasury firms are the largest gainers in crypto-related stocks. DeFi Development (DFDV), Forward Industries (FWDI), Solana Company (HSDT), Solmate (SLMT), and Upexi (UPXI) are all ahead 10%-20%.

Bitcoin's bounce may have eased some immediate market anxiety, but Paul Howard, senior director at trading firm Wincent, says it's still a bear market for crypto.