Bitcoin surged to an eight-month high above $85,000 as oil fell and ETF inflows returned
The cryptocurrency added nearly 5% on Monday, building on last week's gains despite a Fed rate hike and the failure of key crypto legislation
Bitcoin surged past the $84,000 mark on Monday, continuing a recovery following a U.S. regulatory decision that permitted increased on-chain trading of tokenized stocks. The cryptocurrency traded at $84,371.9 by 05:30 ET (09:30 GMT), up 4.9% from the previous day and up around 5% over the past week. Prior to this rally, Bitcoin had slipped below $76,000 after the Federal Reserve's interest rate hike in late July.
The Securities and Exchange Commission granted a temporary exemption last Thursday, enabling selected venues to trade U.S. tokenized stocks on blockchain platforms, with certain conditions. This move boosted investor confidence that traditional assets could integrate more closely with blockchain markets, benefiting crypto-linked equities and several major digital tokens.
Notable gains included Coinbase (up 12%), Strategy (up 16%), and Robinhood (up 9%). Altcoins also performed well, with Ethereum rising 5.8% to $2,728.92, Solana up 7.3%, and Cardano increasing 8.7%. Although higher U.S. Treasury yields and the Fed's continued tightening measures could pose challenges for Bitcoin, the broader risk sentiment improved due to positive signals from U.S.-China trade talks and lower oil prices.
Brent crude slipped about 2% to under $102 a barrel, easing inflation concerns and easing energy costs.
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