Bitcoin Surpasses $80,000 Mark for Third Consecutive Monthly High Amid Global Market Uptick

Bitcoin Breaks Above $80,000 as Asian Stocks Approach Record Highs

Bitcoin rose above $80,000 for the first time in more than three months, driven by a surge in Asian stocks and stronger-than-expected corporate earnings from technology companies. The original cryptocurrency climbed as much as 1.9% Monday morning in Singapore to $80,393, its highest level since January 31.

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. Markets are digesting mixed messages over Iran, with US President Donald Trump stating that the US would begin guiding ships not involved in the conflict through the Strait of Hormuz. However, a senior Iranian official warned that Tehran would consider any US interference in the Strait a ceasefire breach.

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.

Read also: Bitcoin Price Sinks 6% Below $66,500 Amid ETF Outflows and Institutional Selling

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. This development has been cited as a key factor in the recent surge in Bitcoin prices, with many analysts believing that a decisive break above $80,000 would provide further positive momentum to the asset class.

Note: The data in the table represents a comparison of key market metrics and is intended to provide context for the recent surge in Bitcoin prices.