Bitcoin rallied to nearly $76,000 on Monday, extending gains amid heightened geopolitical tensions surrounding oil shipments through the Strait of Hormuz, according to Benzinga.

The cryptocurrency's trading volume nearly doubled over the past 24 hours, with open interest in Bitcoin futures climbing 10.18%. Over $600 million in positions were liquidated market-wide, including $484 million in short bets erased, per Coinglass data cited by Benzinga.

Ethereum led the advance, rising 9% to its highest level since early February. XRP and Dogecoin posted sharp increases as well. The total cryptocurrency market capitalization reached $2.44 trillion, up 2.43% from the prior day.

U.S. equity benchmarks also advanced: the Dow Jones Industrial Average gained 0.83% to 46,946.41, the S&P 500 rose 1.01% to 6,699.38, and the Nasdaq Composite climbed 1.22% to 22,374.18. Shares of crypto-exposed firms Coinbase Global (COIN) and Strategy (MSTR) closed higher by 3.98% and 5.62%, respectively.

West Texas Intermediate crude held steady around $100 per barrel after Treasury Secretary Scott Bessent indicated the U.S. is permitting Iranian tankers to transit the strait. President Trump called on nations benefiting from the route to provide military support or face repercussions.

The Crypto Fear & Greed Index improved from "Extreme Fear" to "Fear." On-chain analytics provider Santiment noted Bitcoin's spike elevated FOMO to levels unseen since early January, with bullish social sentiment outweighing bearish comments 1.67 to 1. Benzinga quoted Santiment's caution: the crowd appears "comfortable and optimistic."

Trader Ali Martinez highlighted negative Bitcoin funding rates—a pattern that has preceded major relief rallies in the past three years. He suggested short squeezes could propel further upside, as retail positions against the market while smarter money anticipates a rebound.

Coinbase, a leading U.S. crypto exchange operating in the Financials sector, trades at $195.53 with an Outperform consensus from four analysts, though the average target of $73.50 implies substantial downside. Strategy, known for its software business in Information Technology, carries a Buy rating from five analysts at an average $71.50 target versus its $139.67 price—another wide gap despite recent gains.

These discrepancies highlight how crypto volatility can detach stock prices from traditional valuation metrics.