US pre-open: Bitcoin, commodities in focus after 'Wild West' weekend

Bitcoin fell from $38,000 to $31,000 before bouncing back to $36,156.9 at last count.

So for now, the selling pressure was not spilling over into other asset classes, although that could change upon a clean break below $30,000, Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA, told clients.

Halley said: "Once again, I reiterate, governmental/regulatory risk now represents an existential threat to the virtual currency space.

"A clean break of $30,000.00 should see another capitulation trade and I can’t see that loss of digital wealth not spilling over into other asset classes, at least temporarily."

The above followed what Halley termed a "civilised" session on the previous Friday, which saw Wall Street's main market gauges finish on a slightly mixed note.

Nobel economics prize winner Robert Shiller however appeared to be a bit skeptical, telling CNBC that a "wild West" mentality had gripped investors in housing, stocks and cryptocurrencies.

On that note, also at the weekend, China's National Development and Reform Commission warned against speculation in commodities markets, sparking an over 5% drop in steel futures and a near limit-down fall in iron ore before both later stabilised.

In equity news, Cummins said that it would partner with Iberdrola to build a €50.0m electrolyser facility in Spain.

It was a busy day in capital markets as Cabot Oil and Cimarex announced an all-stock merger worth approximately $17bn.

Day One Biopharmaceuticals priced its upcoming IPO at $14-16 a share.

Singular Genomics meanwhile priced its own IPO to go at between $20-22 with the aim of raising $187m.

If successful, the flotation would value the firm at up to $1.5bn.

US President Joe Biden has reportedly trimmed the size of his proposed infrastructure package by around $500bn in a bid to garner support from Republicans.

No major economic reports were scheduled for release on Monday.