Bitcoin jumped to an eight-month high on September 21, as an overall improvement in risk sentiment helped extend the rally that began last week. UNN reports this, citing Bloomberg.
Details
At the start of morning trading in New York, the original cryptocurrency jumped 5.1% to $85,222.
The rally is taking place amid gains in stocks and bonds, as falling oil prices and optimism ahead of the summit between U.S. President Donald Trump and Chinese President Xi Jinping support markets overall.
Oil prices fell to an 11-day low — what contributed21.09.26, 13:40
Rival digital assets also jumped. Ether, the second-largest token, rose more than 4.3% to $2,747, while other cryptocurrencies, including XRP, Solana, and Monero, also posted gains.
"Financial markets have once again regained their appetite for risk after being consumed by concerns about government bond yields, huge debt obligations, and the prospect of a return to tighter policy by the world's most influential central bank," said Chris Beauchamp, chief market analyst at investment and trading platform IG.
Bitcoin's rise continues the climb that began late last week, when cryptocurrencies weathered the failure of the landmark Clarity Act in the United States, aimed at providing a clearer understanding of industry regulation, as well as the Federal Reserve's first interest-rate hike in three years. The Securities and Exchange Commission's (SEC) authorization on Thursday to begin trading digital versions of securities in the United States helped improve sentiment.
"The crypto market capitalization rose to $2.8 trillion, reaching its highest level since the end of January this year," said Alex Kuptsikevich, chief market analyst at FxPro. "Although Friday's rally was followed by increased selling pressure, buyers have again dominated the cryptocurrency market since Sunday," he added.
On the Deribit trading platform, which specializes in bitcoin options, open interest consisted mainly of call options, indicating bullish sentiment, the publication writes. The platform showed more than 272,000 contracts granting the right to buy the token, compared with more than 154,000 put options, or rights to sell.
"The bitcoin options market is ready for growth," said Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto. "People are shifting from protection against a decline toward seeking growth," he noted.
What to expect next from the crypto market
However, traders are unsure whether this momentum will hold given challenging macroeconomic factors: the price of oil remains above $100 a barrel, while U.S. Treasury yields are elevated, the publication writes.
Bitcoin remains well below its 2026 high, which exceeded $97,000 in mid-January, and was even farther from its October record. Reviving retail investors' enthusiasm has proved difficult, as shares of companies linked to artificial intelligence and other AI-related trades compete for the same pool of speculative capital, the publication notes.
"There are no major catalysts to watch this week, but any hawkish or dovish remarks from Fed officials could affect the market," said Jeff Mei, chief operating officer of BTSE.