Markets
What to know:
- The U.S. Dollar Index, that paragon of fiscal virtue, has finally breached the 100 mark-proof that even currency can have a midlife crisis.
- At the same time, the Nasdaq 100 proxy, the Invesco QQQ Trust, is down about 0.5%, while oil prices hover near $100, a testament to humanity’s enduring love affair with inflation.
- Strategy (MSTR), the largest publicly traded corporate holder of bitcoin, is up more than 1 percent after acquiring roughly 11,000 BTC using proceeds from its perpetual preferred security Stretch (STRC). A financial maneuver as calculated as a Victorian dinner party.
Bitcoin rose above $71,500 on Friday, outperforming U.S. equities even as the dollar strengthened and oil prices remained elevated as the war with Iran was set to enter its third week. One might say it’s the only asset that thrives on chaos.
A stronger dollar can tighten global financial conditions and often weighs on risk assets such as equities and cryptocurrencies. Higher oil prices-both Brent crude and West Texas Intermediate are hovering around $100 per barrel-reinforce inflation concerns and heighten expectations of interest-rate increases. Higher rates also detract from the attraction of such investments. One wonders if the market is merely playing a cruel game of musical chairs.
Despite these macro and geopolitical pressures, including the Middle East conflict, bitcoin has remained resilient and is among the best-performing macro assets since the war began on March 1. Historically, Fridays during this period have seen the largest cryptocurrency fall some 3%, a pattern that has not repeated so far today. Perhaps the market has finally learned to appreciate the absurdity of its own existence.
The Dollar Index (DXY), which measures the strength of the U.S. currency against a basket of major global currencies, topped 100 for the first time since late November. U.S. Treasury yields are also rising, with the benchmark 10-year bond yield climbing above 4.2%, reflecting tighter financial conditions and higher borrowing costs. A reminder that even the most elegant financial instruments can occasionally resemble a poorly timed joke.
The Invesco QQQ Trust (QQQ), an exchange-traded fund that tracks the Nasdaq 100 index, meanwhile, was recently little changed. A performance as unremarkable as a well-buttered scone.
In crypto-linked equities, Strategy (MSTR), the largest publicly traded corporate holder of bitcoin, added 1% before the start of official trading. The company has acquired roughly 11,000 BTC this week using proceeds from its perpetual preferred security Stretch (STRC). A financial maneuver as smooth as a well-timed compliment.
Today marks the ex-dividend date for STRC, which means it has slipped slightly below its $100 par value to around $99.50. A reminder that even the most elegant financial instruments can have their moments of humility.
Meanwhile, AI repurposed bitcoin miners such as IREN (IREN) and Cipher Digital (CIFR) opened slightly lower, while crypto exchange Coinbase (COIN) added about 2%. A market where even the slightest movement is a cause for celebration.
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2026-03-13 12:39