TLDR
- Bitcoin successfully pushed above $74,000 following multiple unsuccessful attempts to breach this resistance point
- Ethereum registered a weekly gain of 14.3% while Solana surged 12%, with alternative cryptocurrencies showing stronger performance than Bitcoin
- Cryptocurrency traders faced $344 million in liquidations within a 24-hour period, with short positions accounting for $284.9 million
- Commercial shipping resumed through the Strait of Hormuz for the first time since hostilities began, pushing oil prices lower
- Equity futures advanced on Monday with S&P 500 and Nasdaq futures rising approximately 0.5%, potentially ending a five-session decline
The leading cryptocurrency [[LINK_START_3]]Bitcoin[[LINK_END_3]] finally conquered a price ceiling that had rejected four previous attempts over the past fortnight. During Monday morning trading, BTC changed hands slightly above $74,000, representing a daily increase of 2.9% and a weekly climb of 9.7%.
Ethereum advanced 7.7% in 24 hours and 14.3% across the week, reaching $2,261. Solana gained 5.6% daily and 12% weekly, trading at $93. Both digital assets recorded their most impressive weekly performances in several months.
The rally extended across the broader cryptocurrency market. Dogecoin reached $0.10—a level not seen since early March—posting daily and weekly gains of 4.6% and 10.6% respectively. BNB increased 3.8% to $683, while XRP appreciated 4.2% to $1.47.
A significant portion of Monday’s price action stemmed from forced liquidations of bearish positions. According to CoinGlass analytics, $344 million in total liquidations occurred during the previous 24 hours, impacting 91,978 traders. Short positions represented $284.9 million—approximately 83%—of these liquidations. Ethereum shorts absorbed the heaviest losses at $127.9 million, with Bitcoin following at $124.5 million and Solana at $18.5 million. The single largest liquidation involved a $6.94 million Bitcoin position on the Bitfinex exchange.
Strait of Hormuz Shows Signs of Opening
Macroeconomic conditions evolved favorably during the weekend. President Trump announced ongoing diplomatic communications with Iran, despite Tehran’s denial of initiating ceasefire negotiations. Iranian Foreign Minister Abbas Araghchi clarified that the Strait of Hormuz remained closed exclusively to vessels from “enemy” nations, stepping back from the comprehensive blockade implemented when hostilities commenced.
On Sunday, two vessels transporting liquefied petroleum gas destined for India successfully navigated through the strait. This represented the initial commercial passage since the outbreak of conflict.
Oil prices adjusted accordingly. Brent crude traded near $104 after previously touching $106.50 in response to American military strikes on Kharg Island, Iran’s primary oil export facility. West Texas Intermediate fell beneath the $100 threshold. The US dollar index declined 0.3%.
The deescalation in energy markets and dollar weakness provided broad support for risk-oriented investments. Reduced dollar strength and declining energy costs typically enhance liquidity dynamics for digital currencies and comparable speculative assets.
Stocks Also Climb as Fed Meeting Looms
American equity futures similarly advanced Monday. Dow Jones Industrial Average futures increased 0.4%. Both S&P 500 futures and Nasdaq 100 futures appreciated roughly 0.5%. These gains would represent the first upward movement in five trading sessions for American equities. The S&P 500 concluded the previous week at its weakest level since November.
Market participants are focused on two significant events this week. Nvidia’s annual GTC conference commenced Monday featuring a keynote presentation from CEO Jensen Huang. Additionally, the Federal Reserve is scheduled to convene its March 17-18 monetary policy meeting.
Market consensus anticipates the Fed will maintain current interest rate levels. However, the updated dot plot projections and Fed Chair Jerome Powell’s Wednesday press conference will influence expectations regarding prospective rate reductions. Persistently elevated oil prices could introduce complexity to the inflation outlook preceding that determination.
The superior performance of alternative cryptocurrencies this week merits attention. When Ethereum outgains Bitcoin by more than four percentage points during a weekly period, it generally indicates expanding risk appetite throughout the market rather than simple capital rotation into the largest cryptocurrency.
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