Weekend panics followed by Monday reversals have become the norm in 2026, and the action over the last 48 hours has continued this pattern.
Down about 4% from late Saturday night to early Monday morning on news that US Vice President JD Vance had left Pakistan without an Iran peace deal and President Trump’s order for a blockade of the Strait of Hormuz, bitcoin erased those losses in Monday’s US action.
Trading at $73,400 as US stocks closed for the day, bitcoin was higher by more than 3% over the past 24 hours. Ether (ETH), solana (SOL) and XRP (XRP) were also in the green, although they had slightly smaller gains than BTC.
Leading crypto-related stocks higher were Circle ( CRCL ), up 11%, Gemini ( GEMI ), up 9%, and MARA Holdings ( MARA ) and Bullish ( BLSH ), each up just over 8%.
In traditional markets, the Nasdaq was higher by 1.2% and WTI crude oil had retreated all the way to $98 a barrel after topping $105 at one point on Sunday.
No rejection from Strategy
Away from trouble in the Middle East, Michael Saylor’s (MSTR) strategy continues to soak up bitcoin at a torrid pace. The company last week bought 13,927 BTC for 1 billion. Interestingly, Saylor and team did not issue any common stock to fund the purchase, but instead $1 billion of their STRC preferred stock, which yields 11.5%.
The action today in the STRC suggests that there will be more big buys this week. Volume Monday on STRC (when checked just before 3pm ET) was a record $770 million. As the stock continues to trade at par, this suggests a significant additional issuance strategy and thus more large bitcoin purchases.
