Crypto Market Opens Week Positively as Bitcoin Holds Above $65K

The crypto market began the week on a positive note as Bitcoin held above $65,000 and Ethereum rose to nearly $1,920. This stabilization in sentiment came after a turbulent July, with Nasdaq 100 index futures also increasing by 0.45%.

The Middle East situation appears to have contributed to this positive trend, as speculation about an Iran-Oman deal helped ease concerns over the Strait of Hormuz and lifted risk assets across the board.

Looking at derivatives positioning, the long-short ratio for taker volume in crypto futures has turned bullish, with longs accounting for 52% of the flow. However, Bitcoin futures market activity remains subdued as Bitcoin attempts to hold above $65,000 amid cooling bets on Federal Reserve rate increases.