NEW DELHI, May 4 : Bitcoin climbed above the USD 80,000 mark for the first time in more than three months on Monday, tracking a broader risk-on sentiment in global markets as Asian equities edged closer to record highs.
The cryptocurrency rose as much as 1.9pc to USD 80,393 in early trading, its highest level since January 31. Other digital assets, including Ether, also posted gains, reflecting renewed investor appetite for riskier assets.
The rally in cryptocurrencies coincided with a strong performance in equities, with MSCI’s Asian stock gauge approaching its February peak. The surge in stocks has been supported by stronger-than-expected earnings from technology companies, which have helped sustain momentum in the sector despite recent geopolitical tensions. Bitcoin’s latest upswing marks a continued recovery from its recent slump.
The cryptocurrency had surged to a record high of over USD 126,000 in October last year before falling sharply to around USD 60,000 in February during a prolonged correction phase. Since then, it has gradually regained ground. Market participants attribute the rebound partly to rising institutional interest. US-listed Bitcoin exchange-traded funds recorded net inflows of approximately USD 630 million on Friday, signaling sustained demand from large investors.
Analysts say the combination of improving market sentiment, strong equity performance, and steady institutional inflows is helping support Bitcoin’s recovery, though volatility remains a key risk for investors.
The Indian Stock Market on Monday, taking cues from the election results, opened higher with Sensex up 616.01 points or 0.80 per cent at 77,529.51, and the Nifty was up 180.95 points or 0.75 per cent at 24,178.50. (UNI)
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