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Cryptocurrencies: Bitcoin Flat, Altcoins Outperform
Bitcoin traded largely unchanged near the $94,000 level, hovering around $93,900 in early U.S. trading, as improved risk appetite at the start of 2026 was offset by renewed concerns surrounding crypto treasury companies. The world’s largest cryptocurrency remained under pressure, still nursing losses accumulated over 2025.
Sentiment was dented after Strategy disclosed a substantial $17.44 billion unrealized loss on its Bitcoin holdings in the fourth quarter of 2025, following the adoption of fair-value accounting standards. The sharp decline in Strategy’s share price during 2025 reignited concerns that forced asset sales could amplify downside risks for Bitcoin.
Altcoins, however, showed stronger momentum. XRP surged around 11% on rising spot ETF inflows and declining exchange supply. Ether gained nearly 4%, while Solana, Cardano, and BNB posted solid advances. Memecoins also edged higher, reflecting selective risk-taking within the crypto complex.
Commodities: Oil Extends Decline as Venezuela Supply Comes Into Focus
Crude oil prices continued to slide after U.S. President Donald Trump indicated that up to 50 million barrels of Venezuelan oil could be released to global markets following the capture of President Nicolás Maduro. WTI traded near $56.30 per barrel, while Brent slipped toward $60.20, weighing on energy prices globally.
Market participants weighed the potential economic benefits of lower energy costs against rising geopolitical uncertainty, particularly as U.S. military involvement in Venezuela added a new layer of risk to the global outlook.
Gold eased modestly from record highs, while industrial metals remained elevated after recent supply-driven rallies, with copper holding near historic levels despite minor pullbacks.
Equities: Asia Mixed, Wall Street Shrugs Off Geopolitics
Asian equity markets traded mixed. South Korea’s KOSPI surged to a fresh record high, supported by renewed optimism around artificial intelligence and strong gains in semiconductor stocks. In contrast, Japanese equities slipped as tensions with China escalated following new export controls on dual-use goods.
Hong Kong stocks retreated after recent technology-led rallies, while mainland Chinese indices were broadly stable. Australian equities edged higher despite softer-than-expected inflation data, reinforcing expectations that the Reserve Bank of Australia will keep rates on hold in the near term.
U.S. equity markets largely brushed aside geopolitical concerns, with major indices closing at record levels overnight, driven by continued strength in technology stocks.
FX Markets: Dollar Steady Ahead of Key US Data
Currency markets remained range-bound as investors awaited key U.S. employment data, including ADP private payrolls, JOLTS, and Friday’s nonfarm payrolls report. The dollar index held near 98.6, reflecting cautious positioning ahead of data that could shape expectations for further Federal Reserve rate cuts this year.
The euro edged slightly higher after recent inflation data, while the yen traded marginally firmer amid speculation over further policy normalization in Japan. The Australian dollar briefly weakened following softer CPI data before stabilizing.
What to Watch
Markets now turn their attention to U.S. labor market indicators, which are expected to play a decisive role in shaping near-term monetary policy expectations. With investors still pricing in additional Fed rate cuts in 2026, any surprise in employment data could trigger sharp cross-asset reactions.
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