Bitcoin Defies Tech Woes as Crypto Markets Surge Past $78,000
Crypto markets have defied the broader tech selloff on Monday, with Bitcoin reaching as high as $78,280 and most major assets in the green. This comes despite a drop in Nasdaq 100 index futures by 1.65% and S&P 500 futures falling 0.7%. Oil prices also rose nearly 4% after Saudi Arabia shut down a pipeline that bypasses the Strait of Hormuz.
The move to the upside is attributed to no specific catalyst, but rather a broader trend in crypto markets. Bitcoin remains below its month's high of $82,284 as it consolidates following a short squeeze that lifted prices from $64,000 in August. Derivatives positioning suggests traders are bullish on BTC, with an aggregate open interest of $59.7 billion and a futures basis pricing annualized premiums of 5.5% to 8.5%.