The cryptocurrency had dipped below $76,000 following the Federal Reserve's interest rate hike last week but rebounded over the weekend.
Bitcoin rose above $84,000 on Monday, extending its recovery after a U.S. regulator's decision permitted broader on-chain trading of tokenized stocks, while falling oil prices eased inflation concerns.
Bitcoin was last trading up 4.9% at $84,371.9 as of 12:30 PM, having gained about 5% over the past week.
SEC Tokenization Decision Boosts Sentiment
On Thursday, the U.S. Securities and Exchange Commission granted a temporary five-year exemption allowing qualified platforms to trade tokenized U.S. stocks on blockchain networks, subject to certain conditions.
The agency stated that the move aims to foster innovation while maintaining investor protections.
This decision bolstered expectations that traditional financial assets could become more closely integrated with blockchain markets, driving gains in crypto-linked stocks and several major digital tokens.
Shares of Coinbase (NASDAQ:COIN) rose 12% on Friday, while MicroStrategy (NASDAQ:MSTR) gained 16% and Robinhood (NASDAQ:HOOD) climbed 9%.
Zcash rose about 3% to above $1,500, while NEAR surged approximately 23% amid increased trading activity involving Zcash on its cross-chain exchange service. Overall risk sentiment also improved as Asian stock markets rose and US stock futures gained ground, driven by positive signals from US-China trade talks ahead of the meeting between President Donald Trump and Chinese President Xi Jinping.
Oil prices provided additional support. Brent crude fell about 2% to below $102 a barrel, extending a four-day decline, as expectations of increased supplies from the Middle East eased concerns regarding inflation and energy costs.
However, higher US Treasury yields and expectations of further Federal Reserve policy tightening remain potential headwinds for Bitcoin.
Cryptocurrency prices today: altcoins rise, XRP jumps 7%
Most altcoins surged on Monday, following Bitcoin's rally.
Ethereum, the second-largest cryptocurrency, rose 5.8% to $2,728.92.
XRP, the world's third-largest cryptocurrency, climbed 7% to $1.48.
Solana rose 7.3%, while Cardano jumped 8.7%. BNB gained 4.5%.
Among meme tokens, Dogecoin surged more than 9%.