Cryptocurrencies are recovering in early U.S. trading Monday, bouncing alongside equities after a sharp overnight sell-off in futures markets failed to materialize into sustained losses.

At their weakest point, U.S. stock index futures were pointing to drops of more than 2%. Yet about an hour into the session, the major averages are nearly flat. The Nasdaq is off just 0.1%, while the S&P 500 and Dow Jones Industrial Average are showing only slight declines, signaling a far calmer tone than earlier indications suggested.

Traditional safe havens continue to draw interest. Gold is higher by 2%, crude oil remains up roughly 7%, and the U.S. dollar index has gained 1%, marking one of its strongest daily performances in weeks.

Bitcoin (BTC) has climbed to $68,600, up 2.3% over the past 24 hours. Ether (ETH) is trading 1.4% higher, with Solana (SOL) and XRP (XRP) posting similar gains. The recovery follows a turbulent weekend shaped by geopolitical tensions.

Crypto-focused equities are outperforming the broader market. Circle (CRCL) has jumped 12%, Strategy (MSTR) is ahead 6%, and Galaxy Digital (GLXY) has gained 4.7%, reflecting renewed investor appetite for digital asset exposure.

On the macro front, fresh data underscore improving economic momentum. The ISM manufacturing PMI came in at 52.4 for February, marking another month of expansion and the first consecutive readings above 50 since late 2022. This builds on Friday’s Chicago Business Barometer, which rose to 57.7, exceeding expectations and signaling the strongest pace of U.S. activity growth since May 2022.

With Middle East tensions lifting oil prices, producer price inflation surprising to the upside last week, and manufacturing activity reaccelerating, expectations for a March rate cut have effectively been priced out ahead of the Federal Reserve’s March 18 meeting.

While diminished odds of near-term easing would typically weigh on crypto assets, markets may have already adjusted to a firmer monetary policy outlook — helping explain the relative resilience in digital assets and related stocks.