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…