Bitcoin rebounds above $71K, crypto-linked stocks rally

[Heap of golden Bitcoins.]
Torsten Asmus

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) rebounded above $71K after a sharp selloff over the weekend triggered by escalating conflict in the Middle East.

Cryptocurrencies weakened after U.S. and Israeli strikes on Iran and Tehran’s retaliation unsettled global investors. Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) swung sharply Saturday as news of the military campaign broke. The token initially fell toward $63,000, then rebounded amid reports that Iran’s Supreme Leader had been killed. After confirmation of his death, Bitcoin briefly climbed above $68,000 before reversing lower. By late Sunday in New York, it was trading near $65,600, down about 1.9%

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) was trading above $71K at the time of writing, up 4.5% on the day. Ether (ETH-USD [https://seekingalpha.com/symbol/ETH-USD]) also rose to $2,074.25.

Other notable cryptocurrencies that advanced included XRP (XRP-USD [https://seekingalpha.com/symbol/XRP-USD]), Binance Coin (BNB-USD [https://seekingalpha.com/symbol/BNB-USD]), Stellar (XLM-USD [https://seekingalpha.com/symbol/XLM-USD]), Celestia (TIA-USD [https://seekingalpha.com/symbol/TIA-USD]), Uniswap (UNI-USD [https://seekingalpha.com/symbol/UNI-USD]), Avalanche (AVAX-USD [https://seekingalpha.com/symbol/AVAX-USD]), Dogecoin (DOGE-USD [https://seekingalpha.com/symbol/DOGE-USD]), and Solana (SOL-USD [https://seekingalpha.com/symbol/SOL-USD]).

Cryptocurrency-linked stocks also rallied in premarket trading: Strategy (MSTR [https://seekingalpha.com/symbol/MSTR]) +8%, MARA Holdings (MARA [https://seekingalpha.com/symbol/MARA]) +6.8%, Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) +6.6%, Robinhood Markets (HOOD [https://seekingalpha.com/symbol/HOOD]) +3.9%, Circle Internet Group (CRCL [https://seekingalpha.com/symbol/CRCL]) +6.3%, Riot Platforms (RIOT [https://seekingalpha.com/symbol/RIOT]) +3.8%, Galaxy Digital (GLXY [https://seekingalpha.com/symbol/GLXY]) +4.4%, Hut 8 (HUT [https://seekingalpha.com/symbol/HUT]) +4.1%, Bitmine Immersion (BMNR [https://seekingalpha.com/symbol/BMNR]) +6.9%, and CleanSpark (CLSK [https://seekingalpha.com/symbol/CLSK]) +4.9%.

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