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Crypto — Investing

Bitcoin Nears $80,000 As Crypto Rally Gains Momentum

The rally follows a more than 20% three-day surge, the strongest such advance since 2023

,   and  TIPP Staff
2 min read
Photo by Kanchanara / Unsplash

Bitcoin and major cryptocurrency stocks extended their gains Monday after the digital asset broke above a prolonged trading range. Bitcoin rose about 2% to just below $80,000, while Ether gained roughly 2% to around $2,500.

The rally follows a more than 20% three-day surge, the strongest such advance since 2023. According to the report, lower bond yields after the Treasury increased purchases of longer-term government debt helped revive demand for risk assets.

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Institutional investors also returned. Spot bitcoin ETFs attracted $1.92 billion last week, their strongest weekly inflow since October. More than $4 billion in bearish crypto positions were liquidated during the rally.

Crypto-focused stocks also advanced, with Strategy, Strive, Bitmine and Sharplink posting gains.

BTIG analyst Jonathan Krinsky noted that bitcoin experienced a similar breakout in 2023 before retreating. Meanwhile, Bridgewater founder Ray Dalio warned about potential debt risks and recommended investors maintain some bitcoin exposure.

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tippinsightsTIPP Staff

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