Bitcoin rises 2.5%, retakes $111,000, leading crypto stocks higher as markets stabilize after October sell-off
Bitcoin (BTC-USD) rose more than 2% on Monday to retake the $110,000 level, giving crypto stocks a boost and lifting hopes that this month’s jolt in markets was a speed bump rather than signaling a broader turn in the cycle.
“Bitcoin is currently in a re-accumulation phase following its short-term correction, with market sentiment stabilizing and institutional demand remaining resilient,” Linh Tran, market analyst at online broker XS.com, wrote on Monday.
Along with bitcoin’s rise, Strategy (MSTR) stock gained more than 4% after the company disclosed it bought 168 bitcoins at an average price of $112,051 between Oct. 13 and Oct. 19. The company’s SEC filing on Monday showed it now holds a total of 640,418 bitcoins, with an…
