By Ryan Weeks and Suvashree Ghosh
Bitcoin rose above $80,000 for the first time in more than three months as Asian stocks approached record highs.
The original cryptocurrency climbed as much as 1.9 per cent Monday morning in Singapore to $80,393, its highest level since Jan. 31. Other tokens including Ether also rose.
The rally came as MSCI’s Asian equities gauge neared an all-time high set in February, just before the US-Israel war on Iran began, after stronger-than-expected corporate earnings from technology companies last week kept the sector buoyant.
Bitcoin reached a record of over $126,000 in October last year, before a months-long swoon that dragged it down to about $60,000 in February. The token has gradually regained some ground from there, driven in part by improved institutional demand. US Bitcoin exchange-traded funds saw $630 million of net inflows on Friday, according to data compiled by Bloomberg.
Optimism that a US deal may be reached on a key stablecoin yield provision, potentially clearing a path for sweeping crypto legislation to move forward in the Senate, has also lifted traders’ spirits, according to Richard Galvin, executive chairman at DACM, a crypto investment firm. It’s “early days,” he added, but $80,000 “has been a big psychological barrier.”
Caroline Mauron, co-founder at Orbit Markets, said a decisive break above $80,000 for Bitcoin would provide “further positive momentum to the asset class.”
