Crypto Survives Weekend Sell-Off, Hong Kong Approves Spot Bitcoin and Ethereum ETFs

Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. BTC (-2.81%) and ETH (-1.37%) have rebounded slightly with Bitcoin trading at $64.0k and Ethereum at $3,100. ONDO (-1.32%) has emerged as one of the strongest performers throughout the downturn, trading almost 10% above Friday’s open as RWAs remain a leading altcoin sector. U.S. equities are mirroring crypto’s declines, with the SPY and QQQ losing 0.87% and 1.37%, respectively. U.S. treasury yields are continuing to gain today as hotter-than-expected retail sales data is adding fuel to inflation concerns.