Bitcoin and crypto stocks extended their rally to start the week after the flagship cryptocurrency broke out of its trading range as investor concern over inflation and the fiscal deficit grew.

The price of bitcoin was higher by more than 1% on Monday, trading just under $80,000 at levels not seen since May. Ether rose 2% to about $2,470, trading near its highest level since January.

Crypto treasury stocks followed the blue-chip crypto assets higher. Strive climbed 8% while Strategy added 2%. ETH treasury names Bitmine and Sharplink gained 5% and 4%, respectively.

Investors are wondering if the rally could mark a turning point for bitcoin, whose price has been stuck in a prolonged slump since…