Bitcoin climbs to $69,000, equities recover from significant initial declines, while crude oil falls below $100 again.

WTI crude oil, which surged nearly 30% to $120 per barrel overnight, has retreated to $95, alleviating pressure on risk assets.

Bitcoin (BTC) price on Monday, March 9 (CoinDesk)

What to know:

• Cryptocurrency prices were up across the board during midday U.S. trading on Monday.
• After falling to slightly above $65,000 overnight, bitcoin bounced back to around $69,000 as crude oil dropped from $120 per barrel to $95.
• Circle experienced the largest gains among crypto-related stocks, rising by 8% on the day following the announcement from global insurance firm Aon that it had paid insurance premiums in stablecoins for the first time.

Cryptocurrency assets traded positively during the U.S. session on Monday, recovering from significant overnight declines that had seen bitcoin BTC$68,802.94 decline to nearly $65,000.

Bitcoin was trading just under $69,000 at midday, showing an increase of 2.5% over the prior 24 hours, while ether (ETH) regained the $2,000 mark, up 4% during the same time frame.

Among crypto-related stocks, stablecoin provider Circle (CRCL) registered the most significant price increase, gaining 8% as Aon indicated it had paid an insurance premium for the first time using stablecoins, which included Circle’s USDC. Other crypto stocks also saw gains, with Strategy (MSTR) rising by 3% after announcing a substantial $1.28 billion bitcoin acquisition last week. Crypto exchange Coinbase (COIN) experienced a slight decline for the day.

The advancements in cryptocurrency occurred alongside a notable rebound in stocks after crude oil reversed a significant portion of its dramatic overnight increase, with the Nasdaq shifting from a 2% loss to flat. After peaking at $120 per barrel overnight, WTI crude retreated to $95, now up just 5% for the session.

The initial surge in oil prices was attributed to a weekend that provided no indication of an imminent conclusion to the conflict in Iran.

"Bitcoin has shown remarkable resilience despite the considerable volatility observed in traditional markets," stated David Morrison, senior market analyst at Trade Nation. "The bulls will be encouraged if it can swiftly surpass $70,000 and maintain this level during any subsequent pullback."

"With traditional financial markets under strain and supply chains at risk due to disruptions in the Middle East, digital assets seem to be drawing defensive capital from investors looking for alternatives to oil-sensitive investments," he remarked.

Regarding stocks, Ram Ahluwalia, CEO of wealth management platform Lumida Wealth, commented that he anticipates "we will see a local bottom sometime today and a rally during the week."

However, he noted that this might be a tactical short-term rebound, as weakness endures and the S&P 500 is likely to find it challenging to regain record highs "anytime soon."