Weekend panics followed by Monday trend reversals have become the norm in 2026, and the events of the past 48 hours have continued this trend.
Down about 4% between Saturday evening and early Monday morning following the announcement that US Vice President JD Vance had left Pakistan without a peace deal with Iran and without President Trump’s order for a blockade of the Strait of Hormuz, Bitcoin erased these losses during the American action on Monday.
Trading at $73,400 at the close of U.S. stocks, bitcoin is up more than 3% in the past 24 hours. Ether (ETH), solana (SOL), and XRP (XRP) were also in the green, although seeing slightly smaller gains than BTC.
The top crypto-related stocks rising 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 rose 1.2% and WTI crude oil returned to $98 a barrel after surpassing $105 at one point on Sunday.
No respite from strategy
Away from the problems of the Middle East, Michael Saylor’s (MSTR) strategy continues to suck up Bitcoin at a breakneck pace. The company purchased 13,927 BTC for $1 billion last week. Interestingly, Saylor and his team did not issue any common stock to finance the purchases, but rather $1 billion in STRC preferred stock, which yields 11.5%.
Today’s action at STRC suggests more significant buying will take place this week. Volume Monday on STRC (when checked just before 3 p.m. ET) stood at a record $770 million. With the stock continuing to trade at par, this suggests significant additional issuance from Strategy, and therefore larger purchases of bitcoin.
