Key facts
- Bitcoin traded at approximately $59,700, marking a 0.3% decrease for the day and a 6.8% decrease for the week.
- Equity futures saw a 0.5% gain as tensions between the U.S. and Iran eased.
- Ether saw a slight increase of 0.3% to $1,572, while Solana rose 1.5%.
- XRP and dogecoin experienced further declines.
- South Korea plans to invest $518 billion over five years to double DRAM production capacity.
- Asian tech hardware shares declined due to market rotation.
Bitcoin saw a slight dip to $59,700 on Monday, failing to benefit from a broader market rally in equities driven by de-escalation in the U.S.-Iran conflict. While S&P 500 and Nasdaq 100 futures gained 0.5%, digital assets remained largely unmoved, continuing a trend observed over the past two weeks.
Ether saw a modest increase of 0.3% to $1,572, and Solana added 1.5%. However, XRP and dogecoin continued their downward trajectory. The market appears hesitant to react strongly to geopolitical relief, with traders having been disappointed by previous rallies that quickly reversed due to factors like a hawkish Federal Reserve and ETF outflows.
In Asia, South Korea announced plans to invest approximately $518 billion over five years to double its DRAM production capacity, with Samsung and SK Hynix committing to building four new fabrication plants. This development led to a slide in Asian tech hardware shares, even as most other MSCI Asia Pacific subgroups advanced. The dominant market influence remains the AI chip trade.
The key factors for the cryptocurrency market this week will be the outcome of the Iran talks in Qatar and whether upcoming U.S. inflation data (PCE) softens sufficiently to alter the Federal Reserve's monetary policy stance.