Bitcoin Tops $78K as Crypto Defies Tech Selloff, Oil Price Surge
Bitcoin's price surged above $78,000 on Monday as the broader cryptocurrency market defied weak signals from traditional markets. The tech-heavy Nasdaq 100 futures dropped 1.65%, S&P 500 futures declined 0.7%, and gold fell 0.8% in premarket trading.
The U.S. dollar index strengthened 0.5% amid the downturn, while oil prices rose nearly 4% after Saudi Arabia shut a pipeline designed to bypass the Strait of Hormuz. The move contributed to crude prices climbing above $100 for the first time since May.
Nearly all CoinDesk 100 constituents traded higher on Monday, marking the index's broadest advance in two weeks. Bitcoin (BTC) gained as much as 1.9% from midnight UTC to reach $78,280, while Ether (ETH) rose 2.1%. XRP surged 3.3%.
Crypto's gains contrasted with weakness across traditional markets, but analysts say the rally is driven by growing bullish sentiment rather than a short squeeze. Derivatives data indicate that bullish positioning is increasing, and aggregate crypto open interest stood at $59.7 billion on Monday.