Bitcoin climbed 1.3% on Monday, reaching $82,783.1 by 02:00 ET (06:00 GMT), recovering from two weeks of losses. The rally came as global oil prices dropped, providing some relief to risk-sensitive markets. Bitcoin has traded between $80,000 and $87,000 for the past month, facing pressure from rising Treasury yields and a tech stock rout.
The crypto market's gains were modest, with broader prices rising but remaining within tight ranges. Ethereum gained 0.9% to $2,432.60, while other major cryptocurrencies like BNB, Solana, and XRP saw gains ranging from 0.4% to 2%. Memecoins showed mixed movements, with Dogecoin up 0.5% and Shiba Inu down 2%.
The drop in oil prices followed U.S. President Donald Trump's order to waive sanctions on Russian oil, which could ease global fuel shortages. This development eased inflation concerns, reducing expectations for aggressive interest rate hikes by central banks, a positive for Bitcoin, as high rates discourage investment in non-yielding assets.
Despite the relief, markets still anticipate at least one more interest rate hike by the Federal Reserve later this year due to persistent U.S. inflation. The broader crypto market remains rangebound, with limited momentum beyond Bitcoin's recovery.