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.
"The reduction in geopolitical risk has driven an overnight rally in bitcoin (BTC), but it does little to change the broader outlook," Howard said. In his view, the bear market remains intact and could stretch into the third quarter.
For bitcoin to break out of its current range and reclaim its 200-day moving average (currently at near $77,000), Howard says three pieces need to fall into place at once:
Until then, Howard sees rallies as difficult to sustain.
SpaceX (SPCX) shares are up 6% on Monday, extending gains following the company's successful IPO on Friday. Investor sentiment was further boosted after underwriters exercised their overallotment, or "greenshoe," option, purchasing an additional 83.33 million shares. The move increased total proceeds from the offering to approximately $85.7 billion, making it the largest IPO on record. The greenshoe option is typically used to meet strong investor demand and stabilize trading after a public debut. The additional share purchase signals robust market appetite for SpaceX stock.
IREN (IREN) has completed its acquisition of Spain-based Nostrum Group, marking its entry into the European AI infrastructure market.
The deal adds approximately 490MW of secured, grid-connected power capacity in Spain, alongside a significant development pipeline and a team of more than 50 specialists in engineering, construction, development, and operations. The acquisition strengthens IREN’s ability to meet rising demand for AI cloud services across Europe. Co-CEO Daniel Roberts highlighted Spain’s renewable energy resources and connectivity advantages, while Nostrum CEO Gabriel Nebreda said the partnership will accelerate the development of one of Europe’s most advanced AI infrastructure pipelines.IREN shares are up 2% on Monday.
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