Crypto-linked equities rallied Monday as bitcoin broke above $86,000 for the first time in eight months.

MicroStrategy Incorporated (NASDAQ:MSTR) led gainers, rising as much as 8% after bitcoin’s first weekly close above its 50-week moving average in 45 weeks triggered a $300 million short squeeze. Coinbase Global Inc (NASDAQ:COIN) climbed around 5%, while bitcoin miner Marathon Digital (NASDAQ:MARA) advanced roughly 6%. Bit Digital Inc (NASDAQ:BTBT) was also up around 8%.

Falling oil prices, down for a fourth straight session, eased inflation concerns and pulled Treasury yields lower, adding further support to the rally.

Chris Beauchamp, chief market analyst at IG, said financial markets had shifted back into a risk-on mode after…