Bitcoin Soars Above $85k on Tokenization Boost and Falling Oil Prices

Bitcoin has rallied to its highest level since January, reaching $85,138.9 as of Monday morning ET, after a U.S. regulatory move allowed greater on-chain trading of tokenized stocks.

The world's largest cryptocurrency was up 5.7% and had climbed 5.1% weekly, extending a rebound that began over the weekend following last week's Federal Reserve rate hike.

The SEC granted a temporary five-year exemption allowing qualifying venues to trade tokenized U.S. stocks on blockchain-based platforms, subject to conditions.

This move has strengthened expectations that traditional financial assets could become more closely integrated with blockchain markets, lifting crypto-related equities and several major digital tokens.