🐳 Daily Edition: Markets See Most Violent Reversal in Years

This has been one of the most chaotic 24-hour stretches in global markets in years, as the weekend’s escalation in Iran and the Strait of Hormuz hit a market that was already weakened by Friday’s ugly jobs report. Iran effectively closed the strait while production at several major refineries was shutdown due to the fear of drone or missile strikes.

Oil futures ripped once they reopened Sunday night as the WTI Crude Oil index tapped $120, more than double what it started this year at. And then in the blink of an eye, it all reversed: talks of a G7 coordinated oil reserve release tipped the scale, and WTI crated to $85 by the afternoon while the S&P went from down 1.5% to up 0.83% at close.

Even Trump’s statement on the state of the war being “very complete, pretty much” seemed to instill investors with confidence that this may not be the multi-month conflict people had been fearing. I’m not sure it says all that much, but it might be worth noting that while all this was happening, BTC only fell to $66k. When we’ve seen catastrophic news cycles hit on weekends in the past, BTC tended to cascade as it’s one of the only markets open on weekends.

Eventually it seems like all of our financial markets could be 24/7 though, as tokenized equities are rapidly gaining steam. Hyperliquid’s listed oil index saw major volumes over the weekend even while trading of oil futures was closed. With the first mainstream crypto use-case already being covered by prediction markets, I think turning illiquid markets into liquid, tokenized vehicles could be our second big break.

TradFi getting a little taste of what it means to have crypto traders in your assets now

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin price bounces, but bears are still in control

• Oil trades are booming on 24/7 crypto exchange Hyperliquid

Alt Coins and Stocks

• Sharplink posts $734 million loss as Ethereum staking revenue soars

• Zcash outpaces Bitcoin gains as key development team raises $25 million

New Launches

• Coinbase debuts crypto futures for European traders, including Bitcoin and Ethereum

Interesting Reads

• Why the Bitcoin price looks more like a random walk of a cocaine addict — and what that means during ‘financial Armageddon’

• Bitcoin die-hard Jack Dorsey doesn’t like stablecoins, but Block will use them anyway

Tune in to the Beluga Podcast at 3:30pm EST tomorrow for a market update with Co-CEO of Blockchain (formerly known as Blockchain.com) Lane Kasselman.

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