Morning Minute is a daily newsletter written byTyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minuteon Substack.
GM!
Today’s top news:
- Crypto majors rebound overnight as oil drops from $115 to $100; BTC at $69K
- Polymarket and Kalshi reportedly raise at $20B valuations
- Florida aims to sign new stablecoin bill into law
- Circle and Stripe are both investing heavily in stablecoin infrastructure for AI
- Kast raises $80M to expand its stablecoin-powered neobank across borders
🛢 Bitcoin Swings as Iran Conflict Sends Oil Higher
Crypto markets saw renewed volatility over the weekend as geopolitical tensions escalated in the Middle East.
Oil prices surged as the conflict involving Iran threatened supply routes around theStrait of Hormuz, a corridor responsible for roughly20% of global oil shipments. Oil briefly surged past $115/barrel in Sunday night trading, driving stocks and crypto lower.
Bitcoin went as low as $65.6K before rebounding to $69K this morning as oil has fallen closer to the $100/barrel level.
Even with the rebound, Bitcoin is now trading back in its $60K-$70K range after a failed breakout run last week where Bitcoin ripped to $74K before falling.
And now it appears the price of “digital gold” is at least somewhat dependent on oil…
Key Details
• Oil briefly pushed above $115 as markets priced in potential Hormuz disruption
• Roughly20% of global oil supply passes through the Strait of Hormuz
• Crypto markets sold off Sunday night but rebounded into Monday morning
📊 Prediction Markets Are Chasing $20B Valuations
Prediction market platformsPolymarket and Kalshiare reportedly raising new capitalat valuations approaching$20 billion, according to theWall Street Journal.
The platforms allow users to trade on the probability of real-world events ranging from elections and geopolitics to economic data and financial markets.
Interest in the sector exploded during the2024 election cycle, when prediction markets saw billions in trading activity…
