Morning Minute: Bitcoin Rebounds to $69K as Oil Skyrockets, Then Cools
Crypto markets experienced volatility over the weekend due to rising geopolitical tensions in the Middle East, particularly from conflict involving Iran, which pushed oil prices above $115/barrel before dropping to around $100. Around 20% of global oil supply moves through the Strait of Hormuz, making it a critical chokepoint. Bitcoin fell to $65.6K but rebounded to $69K, trading within the $60K-$70K range after a previous attempt to break out. Prediction market platforms like Polymarket and Kalshi are raising capital at valuations near $20 billion, reflecting growing interest after robust trading during the 2024 U.S. election. Kalshi recently claimed $466 million in daily trading volume and $1 billion raised at an $11 billion valuation. The Florida Senate passed a bill establishing a legal framework for stablecoin payments, focusing on reserve backing and transparency, awaiting the governor’s signature. Major fintech firms Circle and Stripe are investing in infrastructure for future autonomous AI agent transactions using stablecoins, with USDC processing $11.9 trillion in volume in 2025. U.S. authorities arrested John Daghita for allegedly stealing $46 million in crypto from wallets controlled by the U.S. Marshals Service.
