Bitcoin surges above $68,000 amid muted stock market reaction to Iran war

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coindesk
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5 hours ago


What to know : Strategy purchased 3,015 bitcoin last week for approximately $204.1 million. The company now holds 720,737 bitcoin acquired for about $54.77 billion. The average purchase price across all holdings stands at roughly $75,985 per coin.

Crypto prices are rebounding from their worst weekend levels in early U.S. trading on Monday alongside a sizable bounce in U.S. equity indices.

Roughly one hour into the session, the Nasdaq is down just 0.1% after futures at one point overnight had indicated a plunge of more than 2%. The S&P 500 and DJIA are also posting just very modest losses.

Bitcoin has moved up to $68,600, ahead 2.3% over the past 24 hours. Ether (ETH) is higher by 1.4%, with solana (SOL) and XRP (XRP) up similar amounts.

Crypto-related stocks are posting even larger gains, led by Circle's (CRCL) 12% advance. Strategy (MSTR) is higher by 6% and Galaxy Digital (GLXY) by 4.7%.

On the macro side, the ISM manufacturing PMI came in at 52.4, marking another month of sector expansion and the first consecutive run of expansions since the fourth quarter of 2022. This follows Friday’s Chicago Business Barometer, which rose to 57.7 in February 2026 from 54 previously, well above expectations of 52.8. The reading signals only the second expansion since November 2023 and reflects the strongest pace of US activity growth since May 2022.

Against the backdrop of conflict in the Middle East, reaccelerating manufacturing activity, hotter-than-expected PPI data last week, and higher oil prices driven by geopolitical tensions, a March rate cut now appears effectively off the table ahead of the Federal Reserve’s March 18 meeting.

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