Bitcoin targets $75,000 as it approaches a 25% rebound from its February low.

Bitcoin Breaks Above $74K as Oil Retreat Lifts Crypto and Stocks

Cryptocurrencies and equities opened the week higher as easing tensions around the Strait of Hormuz helped push oil prices lower, supporting broader risk sentiment.

Bitcoin surged past $74,000, reaching as high as $74,500 during U.S. morning trading—its strongest level since early February—and marking a 3.9% gain over the past 24 hours. The move represents a breakout from a six-week range, boosting confidence across the crypto market and driving interest in smaller, higher-risk tokens.

U.S. equities also rebounded, with the Nasdaq Composite and S&P 500 both rising more than 1% in early trading after recent declines.

Meanwhile, oil prices—a key source of recent market volatility—pulled back sharply. Crude futures dropped around 4% on Monday after briefly topping $100 per barrel over the weekend following Iranian strikes on energy infrastructure in the Middle East.

The shift came as tensions around the Strait of Hormuz appeared to ease slightly. Donald Trump urged international cooperation to secure the vital shipping corridor, while reports indicated some oil tankers had resumed passage through the route, easing fears of major supply disruptions.

Crypto-related stocks also moved higher. Circle gained about 6%, while Strategy and Coinbase rose roughly 5% and 3%, respectively.

AI Deal Lifts Mining and Infrastructure Stocks

In a separate development, Nebius announced a major agreement with Meta valued at up to $27 billion, one of the largest AI compute partnerships this year.

Under the five-year deal, Nebius will provide around $12 billion in dedicated AI compute capacity across multiple locations. The infrastructure will be built using advanced systems from NVIDIA to support Meta’s expanding AI operations.

Nebius shares jumped approximately 13% following the announcement, while Meta rose about 2.5%.

The deal boosted sentiment across the AI and data center sector, spilling over into bitcoin-linked names. IREN gained 6%, Galaxy Digital rose 8%, and Cipher Mining advanced 7%.

Separately, TeraWulf secured a $500 million, 364-day senior secured bridge facility led by Morgan Stanley to fund construction of its data center in Kentucky. The stock climbed about 12% following the announcement.