Bitcoin Soars Above $85,000, Nears Eight-Month High Amid Regulatory Support

Bitcoin has surged past $85,000, nearing its eight-month high after a tumultuous year. The cryptocurrency lost nearly 34% of its value at one point but has since recovered much of those losses.

The recent price increase follows US President Donald Trump's efforts to support digital assets. He appointed crypto-friendly regulators and urged Congress to pass legislation clarifying regulatory uncertainty in the sector. However, not all planned crypto legislation was passed, with only the GENIUS Act making it through, establishing a framework for stablecoins.

Matt Hougan, chief investment officer at Bitwise, believes that this could become 'the strongest and longest bull market in crypto history.'