Bitcoin traded around $77,000 on Monday, a quiet session as U.S. stock exchanges were closed for Memorial Day. The relative calm in crypto contrasted with sharp moves in oil markets—Brent crude fell below $99 a barrel, and President Trump said a deal to reopen the Strait of Hormuz is 'largely negotiated'.
Crude takes a hit
Brent crude dropped below $99, its lowest in weeks, while WTI crude hovered near the $80s range. The slide came after President Trump stated that negotiations to reopen the Strait of Hormuz—a critical chokepoint for global oil shipments—are close to a resolution. Traders interpreted the comment as a sign that supply disruptions in the region could ease, pushing prices down.
Crypto holds the line
Bitcoin stayed near $77,000, roughly where it ended last week. With U.S. equity markets dark for the holiday, crypto trading volumes were thinner than usual. The lack of a clear catalyst kept the asset in a tight range. Some traders watched the oil story for clues about broader risk sentiment, but so far the two markets haven't moved in lockstep.
Holiday lull
Monday's low volume is typical for a U.S. market holiday, but the calm won't last. Tuesday brings a full trading session, and traders will be watching for any further details on the Strait of Hormuz deal. Trump said it's 'largely negotiated' but didn't provide a timeline for finalization. Until more specifics emerge, oil volatility could spill over into other risk assets—including crypto.
