Bitcoin Surges Past $74K as Oil Pullback Lifts Risk Sentiment

Crypto markets and U.S. equities moved higher to start the week as easing tensions around the Strait of Hormuz helped drive a pullback in oil prices.

Bitcoin climbed above $74,000, hitting an intraday high near $74,500—its strongest level since early February—and gaining about 3.9% over the past 24 hours. The move marks a breakout from a six-week consolidation range, improving sentiment across digital assets and boosting demand for higher-risk tokens.

U.S. equities also rebounded, with the Nasdaq Composite and S&P 500 both rising more than 1% in early trading after recent declines.

Oil prices, which have been a key source of volatility, fell roughly 4% on Monday after briefly topping $100 per barrel over the weekend following Iranian strikes on energy infrastructure.

The decline comes as tensions appear to ease slightly. Donald Trump called for international cooperation to secure the vital shipping route, while reports indicated that some tankers had resumed transit through the strait, suggesting limited disruption.

Crypto-related equities also advanced. Circle gained about 6%, while Strategy and Coinbase rose roughly 5% and 3%, respectively.

AI Deal Lifts Mining and Infrastructure Names

Separately, Nebius announced a major partnership with Meta valued at up to $27 billion, one of the largest AI compute deals this year.

Under the five-year agreement, Nebius will provide about $12 billion in AI compute capacity across multiple locations, using systems from NVIDIA to support Meta’s expanding artificial intelligence operations.

Shares of Nebius jumped around 13% on the news, while Meta rose approximately 2.5%.

The announcement lifted sentiment across AI infrastructure and data center companies, spilling over into bitcoin-linked stocks. IREN gained 6%, Galaxy Digital rose 8%, and Cipher Mining added 7%.

Meanwhile, TeraWulf secured a $500 million, 364-day bridge financing facility led by Morgan Stanley to fund construction of its Kentucky data center. Shares climbed roughly 12% following the announcement.