Bitcoin Skyrockets to Eight-Month High as ETF Inflows Fuel Rally

Bitcoin's price surged to an eight-month high of just over $87,000 on Monday morning, defying negative macro and industry developments from the past week.

The US Senate was set to vote on advancing the key crypto market structure bill, but Republicans lost the vote, facing another major setback for the legislation.

Just a day later, the US Federal Reserve hiked interest rates for the first time in over three years, causing Bitcoin's price to react with immediate declines, slipping to $75,000 on two occasions.

However, the bulls showed resilience and initiated a more impressive leg up on Friday, followed by another rally to just over $80,000 after the Bank of Japan hiked interest rates as well.

The following Monday, Bitcoin skyrocketed by over seven grand from bottom to top, peaking at $87,400 (on Bitstamp), its highest price tag since late January.