Bitcoin stormed to an eight-month high above $87,000 on Monday, capping a frenetic 24-hour stretch that saw the world’s largest cryptocurrency gain more than $7,000 and trigger a cascade of liquidations approaching the $1 billion mark. The rally pulled the broader digital asset market higher, with Ethereum touching $2,800 for the first time this year and XRP reclaiming a key resistance level at $1.50.
The surge followed a dramatic reversal from the previous week, when bitcoin had slumped to $75,000 after the US Senate voted down the CLARITY Act and the Federal Reserve raised interest rates for the first time since July 2023. Those twin blows had briefly rattled sentiment, but buyers returned in force by Friday and never looked back.
