Market Surges as WTI Oil Hits $80 Amid Bitcoin Volatility

The market saw an unexpected surge on Monday, with WTI crude oil jumping by 5% and reaching $80 per barrel. This rise came despite the Senate's failure to pass the crypto bill before its recess. The bill's delay was seen as already priced in by markets, so the failure did not have a significant impact.

Bitcoin (BTC) prices dropped below $65,000 on Monday, but still showed resilience. Despite institutional investors like Strategy selling some of their BTC holdings to fund buybacks, the market held steady. This stability is attributed to strong spot ETF inflows and a softer US dollar since the weak jobs report.

Bitcoin miners that have invested in AI computing saw their shares fall on Monday. Bitdeer (BTDR) dropped 14% after reporting a $92.3 million net loss for the second quarter, while Keel Infrastructure (KEEL) fell 10% due to operating losses and revenue decline. The sector's overall performance was weaker than expected.

Intel shares also declined by 5% on Monday after filing for a potential $15 billion stock sale. This move is seen as part of the chipmaker's efforts to support its AI buildout and other growth opportunities.