Bitcoin climbs to $69,000 as stocks rebound from steep early losses and oil drops back below $100.

Cryptocurrencies moved higher during the U.S. trading session on Monday, recovering from steep overnight losses that briefly dragged Bitcoin to around $65,000. The rebound came as oil prices sharply reversed earlier gains, easing pressure across global risk markets.

By midday, Bitcoin was trading just below $69,000, up about 2.5% over the previous 24 hours. Ethereum also recovered, climbing back above the $2,000 mark and posting roughly a 4% gain over the same period.

Crypto-related equities were mostly higher. Circle Internet Financial, the issuer of the USD Coin stablecoin, led the gains with its shares rising about 8%. The jump followed news that global insurance firm Aon paid an insurance premium using stablecoins for the first time, including USD Coin.

Other digital-asset stocks also traded in positive territory. Shares of MicroStrategy climbed roughly 3% after the company announced a $1.28 billion Bitcoin purchase last week. Meanwhile, crypto exchange Coinbase was slightly lower on the day.

The rebound in digital assets coincided with a sharp turnaround in equity markets after crude oil gave up much of its overnight surge. At one point during overnight trading, West Texas Intermediate crude oil had jumped nearly 30% to around $120 per barrel. By the U.S. session, however, prices had retreated to roughly $95, leaving oil up about 5% on the day.

As oil prices eased, stocks recovered as well, with the Nasdaq Composite swinging from an early 2% loss to roughly flat.

The initial spike in oil prices followed a tense weekend that showed little indication of a quick resolution to the conflict involving Iran, fueling concerns about potential supply disruptions in global energy markets.

“Bitcoin has shown notable resilience despite the extreme volatility seen across traditional markets,” said David Morrison, senior market analyst at Trade Nation. He added that bullish sentiment could strengthen if the cryptocurrency quickly moves back above the $70,000 level and manages to hold it during any pullbacks.

Morrison also noted that ongoing instability in traditional markets and concerns about supply chain disruptions in the Middle East may be pushing some investors toward digital assets as an alternative to oil-sensitive investments.

Looking at the broader equity market, Ram Ahluwalia, chief executive of Lumida Wealth, said he expects markets may find a short-term bottom soon.

“We will likely see a local bottom sometime today and a rally during the week,” Ahluwalia said. Still, he cautioned that any rebound could be temporary, with broader market weakness likely to persist and the S&P 500 unlikely to reclaim its record highs in the near term.