Cryptocurrencies extend rally while stocks falter 

Bitcoin started another record-setting week Monday, hitting a price of $72,846.65 according to Coinbase

article-image

Shutterstock-Pixelsquid/Shutterstock and Adobe Stock modified by Blockworks

share

Bitcoin and ether continued their historic price run Monday while equities posted a mild correction ahead of next week’s interest rate decision. 

Bitcoin broke yet another record Monday afternoon in New York, hitting a price of $72,846.65, according to Coinbase. The largest cryptocurrency is up close to 5% today and more than 8% over the past week. 

Bitcoin (BTC), which lost 11% last week after clocking an all-time high, managed to hold steady Monday, trading just under $72,300 at time of publication, per Coinbase. 

Read more: Bitcoin sets another all-time high Monday flirting with $72,000

Bitcoin’s rally has spurred a number of liquidations in the derivatives market that exacerbated the volatility, analysts from Kaiko said in a Monday note. Bitcoin perpetual futures open interest hit a multi-year high last week of $15 billion while market depth surpassed $600 million, according to Kaiko. 

“However, looking at the breakdown between bid and ask depth, we observe a strong mismatch,” Kaiko analysts wrote. “The quantity of asks far surpasses bids within 2% of the mid price for the longest period since early 2021. This suggests that traders have been taking profit as BTC hits new highs.”

Ether (ETH) was also on the rise Monday, rallying 4% over 24 hours to trade around $4,000. While bitcoin has been breaking records in recent days, ether has yet to post a new all-time high. Its last record price of $4,721 was set in 2021. 

Read more: Ethereum hits $4K for first time since December 2021

The Federal Reserve’s Open Market Committee convenes next week for their policy-setting meeting. Markets overwhelmingly expect central bankers to hold interest rates, according to data from CME Group. 

Stocks pared gains from last week, with the S&P 500 and Nasdaq Composite indexes closing Monday’s session 0.1% and 0.4% lower, respectively. 

Investors are still parsing through the “mixed bag” jobs report released on Friday, which showed the US economy added 275,000 jobs in February, more than the 200,000 new positions expected, Nicholas Colas, co-founder of DataTrek Research said. 

“Since unemployment is exceptionally low, it makes it harder to know whether rising joblessness is truly worrisome or simply the return to a more-sustainable long run average,” Colas said. “This is a potential problem for the Fed’s ability to read the US labor market/economy, and Chair Powell has discussed it at past post-FOMC press conferences.” 


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

What Grayscale’s watching going into the second quarter and why crypto had a rough start to the year

article-image

Sol’s price drop was partially triggered by one of the year’s more chaotic memecoin events

article-image

Are digital assets just part of “normal” finance conversations now?

article-image

It’s a busy week as DC prepares for confirmations and policies that may have major impacts on crypto

article-image

NFT collection Azuki is releasing anime-inspired decks for a physical trading card game

article-image

Fidelity is planning a stablecoin launch, FT reports, as more companies flock to the digital-dollar business