The cryptocurrency market has returned to more familiar levels after a brief surge to its highest point since early February on Friday.
Bitcoin is currently trading just below $75,000 while ether stands at $2,300. This marks a significant drop from Friday’s peaks of $78,300 for Bitcoin and $2,460 for ether.
A positive signal for traders comes from the bitcoin futures market on CME, which closed at $77,540 on Friday and reopened at $74,600 on Saturday, creating an upward gap of 3.8%. A similar situation occurred last week but was filled by Monday’s end.
The initial movement is encouraging: Bitcoin has risen by 1.5% since midnight UTC, indicating a shift in sentiment after a turbulent weekend.
Over the weekend, market instability arose as shipping through the Strait of Hormuz ceased again after Friday’s opening. This led to crude oil prices increasing from $78 to $88 per barrel.
This spike affected risk assets, with both Nasdaq 100 and S&P 500 futures down by 0.59% since midnight.