TLDR
- Bitcoin traded near $64,200, roughly flat on the day and up 3% on the week
- Brent crude jumped nearly 4% to above $90 a barrel as U.S.-Iran strikes escalated
- The Philadelphia Semiconductor Index entered bear market territory, down over 20% from its June 22 high
- China’s Moonshot AI is preparing for a Hong Kong IPO that could value it at over $30 billion
- Key tech earnings from Alphabet, Tesla, and Intel are due this week and will set the tone for AI stocks
Bitcoin held steady near $64,200 on Monday as two forces pulled the market in opposite directions: rising oil prices driven by war and continued fallout from a Chinese AI model release.
The largest cryptocurrency was up 3% on the week with around $18 billion in trading volume. Ether was at $1,860, up 5% over seven sessions.
Other major coins were largely unmoved. XRP held at $1.09, Solana traded at $76, BNB slipped to $565, and Dogecoin sat near $0.07. Hyperliquid’s HYPE fell 10% on the week to $60.
Oil Surges on U.S.-Iran Conflict
Brent crude climbed as much as 4% to $91.42 a barrel, its highest level since June. The rise came after the U.S. military targeted Iran for a ninth straight day and Iran struck oil tankers in the region.
BREAKING: Brent crude oil prices surge above $90/barrel as the Iran War escalates. pic.twitter.com/2qsggyrQZo
— The Kobeissi Letter (@KobeissiLetter) July 19, 2026
A ceasefire deal between the U.S. and Iran signed in June has broken down. Brent had hit $110 a barrel after the original conflict began in late February before falling back to around $70 following the ceasefire.
The renewed fighting has pushed oil higher again. Higher oil prices raise inflation fears, which could push central banks to raise interest rates — a negative for risk assets including crypto.
Iran’s Revolutionary Guards said they also struck U.S. aircraft and military equipment in Jordan, Kuwait, and Syria. Bahrain reported sirens sounding on Monday morning.
Tech Stocks Still Digesting AI Shock
The Philadelphia Semiconductor Index closed more than 20% below its June 22 high, putting the chip sector in bear market territory.
The selloff was triggered Friday by Moonshot AI’s release of Kimi K3, a Chinese open-weight model that topped a leading coding benchmark. The news rattled AI and chip stocks, and the pressure carried into Asian markets Monday, with South Korea’s Kospi falling 3.5%.
U.S. futures steadied Monday, with Nasdaq 100 futures up 0.5%. But questions about long-term AI spending remain.
Moonshot AI is also preparing for a Hong Kong IPO that could happen within six months, with a potential valuation of over $30 billion. It is also closing a private funding round. The company said Kimi K3 still trails Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 in overall capability.
This week’s market focus shifts to earnings. Alphabet reports Tuesday, Tesla on Wednesday, and Intel on Thursday.
Those results will determine whether capital spending on AI infrastructure still has a floor after last week’s sharp losses in chip stocks.
SpaceX also plans to launch the 13th test flight of its Starship rocket by Thursday. Shares of SpaceX, which fell below their IPO price last week, rose more than 1% in after-hours trading.
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