Cryptocurrency markets showed interesting activity on Monday. Despite tensions with Iran, the stock markets fell far below expectations, bringing back risk appetite. While the S&P 500 and Nasdaq recorded only minimal losses, this supported crypto assets.

Bitcoin approached $68,600, with Ethereum and Solana also showing gains at similar rates. XRP traded around $1.33 but remained under aggressive selling pressure. Stocks related to crypto performed even stronger – Circle rose about 12%, and MicroStrategy and Galaxy Digital also recorded significant gains.

On the macro side, the February ISM Manufacturing PMI was announced at 52.4, signaling the first expansion in over two years. The Chicago Business Barometer also exceeded expectations. These data points indicated that the Fed’s interest rate cuts are off the table before the March meeting. While tight monetary policy is usually negative for crypto, it’s likely that markets had already priced this in. Geopolitical tensions pushed oil prices up by 7%, and the dollar index strengthened by 1%. This activity at market open shows how complex the dynamics are for risk assets.