Bitcoin surged past $87,000 on Monday, its highest level since January, as falling oil prices and a broad risk-on mood across markets fueled a crypto-wide rally. The token opened near $81,000 and gained more than 7% during the day, while Ethereum climbed to about $2,732 and smaller tokens like Dogecoin and Monero jumped over 13%.
The rally triggered roughly $710 million in short-position liquidations over 24 hours, hitting about 135,000 traders, according to CoinGlass data. MicroStrategy resumed Bitcoin purchases after a three-week pause, sending its stock up 9%, while Bitmine bought $75 million in Ethereum and Strive Asset Management acquired 1,355 BTC for $107.7 million.
Analysts pointed to a fourth straight session of falling Brent crude prices easing inflation worries, plus trader optimism ahead of the Trump-Xi summit and easing US-Iran tensions, as key drivers. Bitcoin reclaimed the average cost basis of US spot ETF holders ($82,225) for the first time since January, a technical milestone that could support further gains.