coindesk.com
Bitcoin held near $64,000 on Monday, pulled between an oil price climbing on war and an equity market still digesting the release of Moonshot AI’s latest Kimi model that rattled it on Friday.
The largest cryptocurrency traded at about $64,200, roughly flat on the day and up 3% on the week, with about $18 billion changing hands. Ether sat at $1,860, up 5% over seven sessions and the strongest of the majors again.
The rest barely moved. XRP held $1.09, Solana traded at $76, BNB slipped to $565 and dogecoin was steady near $0.07. Hyperliquid's HYPE was the exception, down 10% on the week to $60, extending a slide with no catalyst beyond the broad risk-off tone.
Oil is the loud market. Brent rose as much as 4% to $91.42 a barrel, its highest since June, as U.S. and Iranian strikes widened beyond military targets. That is the same inflation concern that had eased on this month's soft U.S. price data, now rekindled by a war entering its second week of open strikes.
Equities and technology bets are still recovering from Friday. Moonshot AI's Kimi K3, a Chinese open-weight model that took the top spot in a widely watched coding benchmark, triggered a semiconductor selloff that dragged crypto down with it to close last week.
The aftershock ran through Asia on Monday, with South Korea's Kospi falling 3.5% as traders returned from their own holiday. U.S. futures steadied, with the Nasdaq 100 up 0.5%, but the question the release raised has not gone away.
For crypto the two forces roughly cancel. War-driven oil is inflationary, which is bad for risk assets and for the case that the Federal Reserve holds rates steady. Meanwhile, a Chinese model undercutting the AI trade pressures the chip stocks that bitcoin has tended to track all month.
The week's test is corporate, not macro. There are no major U.S. economic releases, so the read on the AI trade comes from earnings, with Alphabet reporting Tuesday, Tesla Wednesday and Intel Thursday.
After last week's wobble in AI and semiconductor shares, those results will set whether the capital spending underwriting the sector, and the miner-to-AI pivot riding on it, still has a floor.