Bitcoin Soars Above $85K on Risk-On Monday
Bitcoin broke above $85,000 on Monday, its highest level since January, as improving risk sentiment and a major short squeeze propelled the price upward. Over $750 million in leveraged crypto positions were liquidated, with around $648 million coming from traders betting on falling prices.
The rally also pushed Bitcoin back above the average cost basis of U.S. spot Bitcoin ETF investors for the first time since January. This move has significant implications for those holding onto their BTC, as it signals a shift in market sentiment.
Meanwhile, AI stocks such as AMD and Meta Platforms saw significant gains, with AMD joining the $1 trillion club after its shares jumped around 10% to a record high. The company's expansion into complete AI computing systems has been driving investor enthusiasm.