Bitcoin Retreats from Recent Peaks as Market Watches CME Gap and DeFi Hack Aftermath

The cryptocurrency market has returned to a familiar range after a brief surge to its highest level since early February on Friday. Bitcoin is currently trading at just under $75,000, while ether has dropped to $2,300, both significantly below their Friday highs of $78,300 and $2,460. A key factor for traders to consider is the bitcoin futures market on the CME, which closed at $77,540 on Friday and opened at $74,600, creating a 'CME gap' of 3.8% to the upside. This gap is similar to one that occurred last week and was filled by the end of the day on Monday. Bitcoin has gained 1.5% since midnight UTC, indicating a slight improvement in sentiment after a volatile weekend. The market experienced a downturn over the weekend due to the closure of the Strait of Hormuz, which led to a significant increase in crude oil prices from $78 to $88 per barrel. This had a negative impact on risk assets, with both Nasdaq 100 and S&P 500 futures down by 0.59% since midnight. The derivatives market positioning and token performance are also being closely watched.