Bitcoin Blasts Past $85K Amid Crypto Spring Hopes

Bitcoin's price surged to $85,229 at its morning peak on Monday, marking a level not seen since late January. The cryptocurrency gained around 3.8% in a day and over 5.2% by mid-morning, according to CoinMetrics.

Matt Hougan, chief investment officer at Bitwise, believes this marks the beginning of 'crypto spring', with fundamentals improving despite prices falling earlier. He pointed to increased on-chain activity and participation from firms like BlackRock as evidence.

Hougan also weighed in on regulation, suggesting that the absence of the Clarity Act may lead to stronger pro-crypto regulation in its wake. Investors are reportedly rotating back into crypto after a surge in AI stocks drew attention away from digital assets.