Morning Minute: Bitcoin Rebounds as Oil Falls
Bitcoin rebounded to $70,400 after falling below $69,000 earlier in the week, as crypto and U.S. stocks recovered in response to comments from Israeli Prime Minister Netanyahu suggesting a faster end to the Israel-Iran conflict. Oil prices, after surging, reversed and ended lower, easing inflation worries and aiding the rebound. Meanwhile, Crypto.com is laying off 12% of its workforce (about 180 employees) as it pivots toward AI-driven operations, marking its third major job cut in four years and following similar downsizing at other crypto firms. JPMorgan highlighted rising interest in Hyperliquid, noting its appeal for non-crypto traders to access 24/7 oil trading via perpetual futures. Hyperliquid continues expanding into real-world and macro-linked products, while the SEC also approved Nasdaq’s tokenized securities rule change. Prediction markets saw significant momentum. MLB partnered exclusively with Polymarket and set up an integrity framework with the CFTC. Kalshi is reportedly raising at a $22 billion valuation, reflecting abundant capital for prediction platforms. Myriad, another prediction market, closed a seed round led by major crypto-focused investors and plans to use the funds for product development, liquidity, and expansion.
