Bitcoin hits $74.5k as oil falls, AI deal boosts crypto
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- Bitcoin rose to $74,500 in U.S. morning trade, up 3.9% over the previous 24 hours, marking its strongest price since early February.
- Bitcoin' bounce from its February low of $60,000 is now approaching a 25% gain, a move comparable to rebounds seen during the 2022 crypto winter.
- Oil futures fell about 4% after briefly topping $100 per barrel, as tensions on the Strait of Hormuz eased.
- Nasdaq and the S&P 500 each gained more than 1% in morning trading, reflecting broader equity market optimism.
- Nebius signed a five‑year, up to $27 billion AI compute agreement with Meta, providing roughly $12 billion in dedicated capacity.
- Tokenized assets reached a record $28.9 billion in May, marking their tenth consecutive monthly all‑time high, while the stablecoin market cap rose to $320 billion.
Why it matters: Bitcoin’s surge lifts the broader crypto market, spurring gains in equity indices and crypto‑related stocks while easing oil‑driven macro risk. The massive Nebius‑Meta AI deal and record tokenized‑asset inflows further reinforce investor confidence in digital‑asset infrastructure and signal a shift toward higher valuations for mining and infrastructure firms.
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