Wall Street closes at a record for the first time since end of January
Investing.com -- Stocks tied to Ethereum moved higher on Monday after the cryptocurrency rallied to its highest level in more than five weeks, as a broader crypto surge triggered short liquidations and lifted sentiment across digital assets.
Shares of BitMine Immersion Technologies jumped 7.5% by 05:51 ET, while SharpLink Gaming gained 6.1%. Bit Digital advanced 3.4% and BTCS added 2.9%. The iShares Ethereum Trust ETF climbed 7.5% as Ethereum extended its recent rally.
Ethereum jumped 6.5% over the past 24 hours to $2,288.63, marking its highest level since early February. Bitcoin also pushed higher, briefly breaking through the $74,000 resistance level that had rejected it four times over the past two weeks before slipping back below that threshold.
Other major tokens also posted strong moves. Solana climbed 5% to $93. Dogecoin touched $0.10 for the first time since early March, rising 4.6% on the day. BNB added 1.8% to $675, while XRP rose abour 4% to $1.46. Cardano surged nearly 9% to $0.288.
Much of the rally was fueled by a short squeeze. Data from CoinGlass showed $344 million in liquidations across 91,978 traders over the past 24 hours, with short positions accounting for about $284.9 million, or roughly 83% of the total. Ether shorts were hit the hardest at $127.9 million, followed by bitcoin at $124.5 million and solana at $18.5 million.
The crypto rebound came alongside a shift in broader market sentiment. U.S. President Donald Trump said the United States was in talks with Iran, though Tehran denied requesting negotiations or a ceasefire. Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz was closed only to ships from “enemies,” a softer stance than the earlier blanket closure.
Energy markets reflected the improving tone. Brent crude traded at $104.3 after earlier climbing as high as $106.5 following strikes near Iran’s Kharg Island before pulling back on the Hormuz developments. U.S. benchmark WTI crude slipped below $100 to $97.28.
The U.S. dollar also weakened by about 0.3%.
The focus now turns to the Federal Reserve’s March 17–18 meeting. With oil still elevated but signs emerging that shipping through the Strait of Hormuz could resume, investors will watch closely whether policymakers signal that rate cuts remain on the table or push back against easing expectations.