Bitcoin (BTC) Price Breaks Above $31,000 to Send Crypto-Linked US Stocks Higher

Bitcoin (BTC) price rose more than 7% on Sunday to trade around the $31,500 handle today, marking its biggest price gain in two months.

Yesterday’s price action could be a signal the cryptocurrency market could be bottoming out, at least in the short term. Bitcoin price was heading for its nine-week losing streak during which the cryptocurrency plummeted from $37,600 to $29,400.

But the world’s largest cryptocurrency jumped sharply over the weekend, driving other major cryptocurrencies in the green as well. Cardano (ADA) was one of the biggest gainers yesterday, rising 17%.

"The price action appeared to have bottomed for the time being," the blockchain analysis firm Glassnode said Monday, suggesting that the recent selling pressure might be slowing down.

Crypto assets have been having a horror year, with some of them plunging to new lows for this year earlier this month after a stablecoin TerraUSD dropped as much as 98% in just 24 hours, breaking its 1:1 with the US dollar and causing a broader market crash.

Crypto-linked stocks, such as MicroStrategy (NASDAQ: MSTR) and Coinbase (NASDAQ: COIN), soared +9.4% and +5.3%, respectively.

By Senad Karaahmetovic

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