Bitcoin jumps to over US$84,800 after ETF flows turn positive

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Photo by SEBASTIEN BOZON/AFP via Getty ImagesBitcoin surged past US$85,000 to its highest since late-January, extending a sharp rebound as falling oil prices and a broader return of risk appetite helped cryptocurrencies move past setbacks on United States crypto legislation and monetary policy.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe original cryptocurrency climbed as much as 6.5 per cent to US$86,331 in New York trading, almost US$10,000 above the lows touched last week after the Clarity Act stalled and the Federal Reserve raised interest rates. Even after that rebound, bitcoin remains roughly a third below its record last October.The rally comes alongside advances in stocks and bonds, as falling oil prices and optimism ahead of a summit between U.S. President Donald Trump and China’s Xi Jinping are buoying markets more broadly. Many smaller digital assets gained more, with the dogecoin jumping as much as 12 per cent and XRP increased around 7.3 per cent.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againLiquidations of long and short positions across digital assets have climbed to US$917 million over the last 24 hours, the highest since late August, when bitcoin saw a record wave of bearish bets wiped out largely due to a sharp rally in the token, according to data from compiled Coinglass. About US$767 million in short positions was liquidated in that period.“Financial markets have rediscovered a risk-on frame of mind after being consumed with worry about government bond yields, debt piles and the prospect of a return to tighter policy at the world’s most powerful central bank,” said Chris Beauchamp, chief market analyst at investing and trading platform IG.Bitcoin’s gains build upon a recovery that began late last week, when crypto absorbed the failure of the landmark Clarity Act to establish a clearer understanding of industry regulation as well the Federal Reserve’s first interest-rate increase in more than three years. A green light on Thursday from the Securities and Exchange Commission for digital versions of securities to start trading in the U.S. helped to brighten the mood.“The crypto market capitalization has risen to US$2.8 trillion, its highest level since the end of January this year,” said Alex Kuptsikevich, the FxPro chief market analyst. “Although Friday’s rally was followed by increased selling pressure, buyers have once again been dominating the cryptocurrency market since Sunday.”Shares of crypto-related companies also rallied. Coinbase Global Inc. jumped as much as 7.3 per cent, Circle Internet Group Inc. climbed 8.9 per cent and Strategy Inc. increased 10 per cent.Bitcoin open interest on the options trading platform Deribit was heavily dominated by calls, signalling bullish sentiment. The platform showed more than 272,000 contracts for the right to buy the token compared with over 154,000 for puts, or the right to sell.“Bitcoin options market is positioned to capture the upside,” said Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto. “People are repositioning from downside protection to wanting to capture the upside.”This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.But traders are not convinced the momentum can last given the difficult macroeconomic headwinds, with crude oil still above US$100 a barrel and U.S. Treasury yields elevated.Bitcoin is well off its 2026 high of over US$97,000 in mid-January, and even further from its October record. Retail enthusiasm has also proven hard to rekindle as artificial intelligence stocks and other AI-linked trades compete for the same pool of speculative capital.“For this week, there aren’t any big catalysts to watch out for per se, but any hawkish or dovish remarks by Fed officials could impact the market,” said Jeff Mei, chief operating officer of BTSE.We apologize, but this video has failed to load.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.