- Bitcoin traded above $85,000 on Monday, reaching $85,229 at the session high, its strongest level since late January, and up about 3.8% on the day.
- The token has gained more than 30% from its Aug. 19 level and nearly 6% in the prior week alone, staying clear of the $80,000 threshold that had capped prior advances.
- ETF inflows, favorable regulatory signals, and traders covering short positions drove the move; on Deribit, call contracts outnumbered puts by more than 272,000 to 154,000.
- Broader risk appetite improved as Brent fell for a fourth straight session and traders positioned ahead of a planned Trump-Xi summit on Thursday.
- Bitcoin absorbed two potential obstacles: the Senate's blocking of the Clarity Act and the Federal Reserve's first rate increase in more than three years, while an SEC green light for digital versions of securities to trade in the U.S. helped sentiment.
- Crypto-related equities including Strategy and Coinbase traded higher in U.S. premarket, with total crypto market capitalization at $2.8T, its highest since the end of January.
Quotes
“I do think it's over, it's crypto spring, the crocuses are blooming”
“I think this will actually be the strongest and longest-running bull market in crypto's history.”
“The crypto market capitalization has risen to $2.8T, its highest level since the end of January this year.”
“Cryptocurrencies are advancing in a group this morning, a move given strength by recent inflows and one likely to attract even more of those vital funds”