Bitcoin Rallies to $80,000 as Inflation Concerns Drive Macro Shift

Crypto assets extended their gains on Monday after last week's biggest three-day rally since 2023. Bitcoin and Ether prices rose by about 2% each, with Bitcoin trading at levels not seen since May.

The price of BTC is currently just under $80,000, while ETH is around $2,500. This comes as investor concern over inflation and the fiscal deficit grew, leading to a shift in macroeconomic conditions.

Strategy and Strive, crypto treasury stocks, followed the blue-chip assets higher, with Strategy rising 2% and Strive climbing 4%. Other treasury names Bitmine and Sharplink gained 3% and 2%, respectively.

According to BTIG's Jonathan Krinsky, Bitcoin's price surge is reminiscent of January 2023, when it rose about 20% in three days. However, the rally faded, and Bitcoin pulled back to its 200-day moving average.