Daily Market Update: Bitcoin Breaks $74,000 as US-Iran Talks Begin and Stock Futures Rise

TLDR

• Bitcoin briefly broke above $74,000 for the first time after four failed attempts, leading a broad crypto rally
• Ether gained 14.3% for the week, Solana jumped 12%, with altcoins outperforming Bitcoin
• $344 million in crypto liquidations hit in 24 hours, with $284.9 million in short positions wiped out
• Two tankers sailed through the Strait of Hormuz for the first time since the US-Iran war began, easing oil prices
• US stock futures climbed Monday, with S&P 500 and Nasdaq futures each up around 0.5%, snapping a five-day losing streak

Bitcoin broke through a resistance level it had failed to clear four times in two weeks. The world’s largest cryptocurrency traded just above $74,000 on Monday morning, up 2.9% in 24 hours and 9.7% for the week.

Ether rose 7.7% on the day and 14.3% for the week to $2,261. Solana climbed 5.6% on the day and 12% for the week to $93. Both posted their strongest weekly gains in months.

Other tokens joined the rally. Dogecoin hit $0.10 for the first time since early March, up 4.6% on the day and 10.6% for the week. BNB rose 3.8% to $683, while XRP gained 4.2% to $1.47.

The move was partly driven by a short squeeze. CoinGlass data shows $344 million in total liquidations over the past 24 hours across 91,978 traders. Short positions made up $284.9 million of that total, or roughly 83%. Ether shorts took the biggest hit at $127.9 million, followed by Bitcoin at $124.5 million and Solana at $18.5 million. The largest single liquidation was a $6.94 million Bitcoin position on Bitfinex.

Strait of Hormuz Shows Signs of Opening

The macro backdrop shifted over the weekend. President Trump said the US was in talks with Iran, though Tehran denied requesting any ceasefire discussions. Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz was only closed to ships from “enemies,” walking back the blanket closure that had been in place since the war began.

Two tankers carrying liquefied petroleum gas to India sailed through the strait on Sunday. It was the first commercial transit since the conflict started.

Oil prices responded. Brent crude traded around $104 after earlier reaching $106.50 following US strikes on Kharg Island, Iran’s main oil export hub. West Texas Intermediate dropped below $100. The dollar weakened 0.3%.

The easing in oil and the dollar helped risk assets broadly. A weaker dollar and lower energy prices tend to improve liquidity conditions for cryptocurrencies and other risk assets.

Stocks Also Climb as Fed Meeting Looms

US stock futures also moved higher Monday. Futures tied to the Dow Jones Industrial Average rose 0.4%. S&P 500 futures and Nasdaq 100 futures both gained around 0.5%. It would mark the first positive session in five days for US stocks. The S&P 500 finished last week at its lowest point since November.

Investors are watching two events this week. Nvidia’s annual GTC conference kicked off Monday with a keynote from CEO Jensen Huang. The Federal Reserve is also scheduled to hold its March 17-18 policy meeting.

Markets widely expect the Fed to hold interest rates steady. But the dot plot and Fed Chair Jerome Powell’s press conference on Wednesday will shape expectations for future rate cuts. Oil prices remaining elevated could complicate the inflation picture heading into that decision.

The altcoin outperformance this week is worth watching. When Ether gains more than Bitcoin by over four percentage points in a week, it typically signals that broader risk appetite is returning rather than investors simply parking money in the largest crypto asset.

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