Bitcoin traded near $78,000 on Monday, giving back part of an early gain that took it to about $78,600 in Asian morning hours, as investors weighed Friday’s sell-off in US tech stocks against a rebound in stock futures. Bitcoin had dipped to about $77,600 late Sunday before recovering.ZEC Leads the MajorsEarlier in the session, ZEC led major tokens, rising 3% to nearly $1,280, according to CoinDesk data. Ether and BNB each gained nearly 2%, with ether just above $2,300 and BNB at about $713, while XRP and TRX added about 1%. SOL was little changed at about $95.The calmer start to the week follows last week’s security incident at Binance. The exchange has since replenished 90% of the affected assets and reopened withdrawals in phases on Sunday.Stocks Rebound After Friday’s Tech RoutEquity markets also recovered. The Nasdaq 100 fell 3.5% on Friday, its worst day since June, and the Philadelphia Semiconductor Index dropped 7%. On Monday, S&P 500 and Nasdaq 100 futures rose at least 0.4%. Benchmarks gained in South Korea, Hong Kong and Japan, and Chinese stocks rose after a report that regulators would meet banks and brokerages to discuss ways to support the market.Gold Bounces, Oil SlipsGold rose about 1% to roughly $3,910 an ounce, rebounding from its lowest close in more than a year on Friday. Brent crude fell 3% to about $110 a barrel on reports of continued diplomatic efforts with Iran.Rates and Tech Stocks in FocusJeff Mei, chief operating officer at crypto exchange BTSE, expects high interest rates to weigh on liquidity for bitcoin and other cryptocurrencies in the coming months, given last week’s Fed commentary. “This week we’ll be watching closely to see if tech stocks will rebound or continue their decline from last week,” he said. “A small rebound may indicate that we’ve already hit the bottom and could present a potential buying opportunity for Bitcoin, which is trading below the $80k mark.”Midterm Results Arrive During Asian HoursUS polls close on Tuesday night, so results will start coming in during Wednesday’s Asian trading hours. The outcome will shape the outlook for the CLARITY Act, the bill that would set rules for how US crypto markets are regulated, including which agency oversees which tokens.
Catherine
