Bitcoin Rockets Past Eight-Month High Amid Regulatory Gains
Bitcoin recently reached an eight-month high of nearly $86,000 after a disappointing Senate vote last week. Despite regulatory setbacks, the crypto market is seeing a boost in the wake of exemptions from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These developments have provided some consolation for the industry.
The price surge comes as Bitcoin has risen more than 8% over the last five trading sessions, outperforming the S&P 500's 1% gain. This rally is happening even after the Federal Reserve's recent interest rate hike, which tends to weigh on risk assets. SentimenTrader's Jay Kaeppel notes that the firm's long-term sentiment and momentum indicators have turned positive.
Strategy, a digital asset treasury, has also made its second consecutive purchase of Bitcoin in as many weeks, buying 950 coins for approximately $76 million. This brings Strategy's total stockpile to nearly 846,000 Bitcoin, near its peak of 847,363.