Bitcoin erases weekend decline, returns to $73,400 as oil retreats back under $100
The cryptocurrency market has grown accustomed to a familiar pattern in 2026, where weekend downturns are swiftly followed by Monday rebounds. This trend persisted over the past 48 hours, as a tumultuous Sunday night gave way to a resurgent Monday.
News of US Vice President J.D. Vance's departure from Pakistan without securing an Iran peace deal, coupled with President Trump's decision to blockade the Strait of Hormuz, had sent bitcoin tumbling by roughly 4% from late Saturday to early Monday. However, the cryptocurrency managed to recoup these losses during Monday's US trading session. As the US stock market drew to a close, bitcoin was valued at $73,400, representing a 24-hour gain of over 3%.
This upward momentum was also evident in other prominent cryptocurrencies, including Ether, Solana, and XRP, which all posted modest gains, albeit somewhat smaller than those achieved by bitcoin. The crypto-related stock sector also experienced a significant boost, with Circle, Gemini, MARA Holdings, and Bullish leading the charge, rising by 11%, 9%, and just over 8% respectively.
In the traditional financial markets, the Nasdaq experienced a 1.2% increase, while WTI crude oil prices retreated to $98 per barrel, having peaked at $105 on Sunday.
Meanwhile, Michael Saylor's company, Strategy, remains committed to its aggressive bitcoin accumulation strategy. In the preceding week, Strategy acquired 13,927 bitcoins at a cost of $1 billion, opting to finance these purchases through the issuance of $1 billion worth of its preferred stock, STRC, which carries an 11.5% yield. Notably, this approach allowed the company to avoid issuing common stock.
As of Monday, trading activity in STRC suggested that additional large-scale bitcoin purchases may be imminent. With a record volume of $770 million recorded just before 3 pm ET, and the stock continuing to trade at par, it appears that Strategy is poised to issue more STRC preferred stock, paving the way for further substantial bitcoin acquisitions.