Bitcoin surged 4% to $80,415.70 by 03:48 ET on Monday, briefly touching a three-month peak of $81,220.40 as it extended an eight-session winning streak. The cryptocurrency’s advance followed the U.S. Treasury’s announcement of fresh sanctions aimed at isolating Iran’s financial system.
Brent crude futures fell 0.6% to $91.58 per barrel, retracing part of Friday’s 2% decline as WTI crude hovered near a one-week low. Analysts at ING noted that oil markets appeared largely unresponsive to the U.S. measures, treating the sanctions as a marginal development rather than a catalyst for sustained price shifts.
U.S. stock futures showed modest gains, with Dow futures up 0.2%, S&P 500 futures rising 0.3%, and Nasdaq 100 futures advancing 0.6%. The mixed sentiment reflected a cautious stance ahead of earnings from major tech and financial firms, including Nvidia and Intuit.
Treasury Secretary Scott Bessent outlined the new sanctions during a press briefing, describing them as an “economic onslaught against Iran’s financial connections” worldwide. He warned that any entity facilitating money laundering on Iran’s behalf would face removal from the U.S. dollar system, stating that “the clock has just started ticking.” The measures target Iran’s economic enablers, including trade partners and financial institutions.
The announcement coincided with escalating trade tensions between the U.S. and Canada. A proposed deal to avert 50% tariffs on Canadian goods collapsed, prompting Ottawa to announce dollar-for-dollar retaliatory duties. The White House deferred tariffs on Canadian automotive, truck, and steel exports until January 2027, providing a temporary reprieve.
Intuit is scheduled to report earnings after U.S. markets close, following a May revision to its annual revenue guidance for TurboTax and the announcement of a 17% workforce reduction, or roughly 3,000 roles, as the company shifts focus toward AI-driven products. Nvidia’s upcoming quarterly results are also in focus, with investors anticipating updates on demand for its AI chips amid broader tech sector volatility.
