Bitcoin Soars Past $86,500 as Nasdaq Hits New High
Bitcoin has finally broken through the $86,500 zone it had been stuck below for several weeks. This comes as the crypto market capitalization rose above $3 trillion, with BTC gaining 12.2% over seven days. The move is also accompanied by a favorable environment for risky assets, as the Nasdaq set a new record and Brent briefly fell below $98 a barrel.
The Nasdaq's rise was led by tech stocks such as Intel, which rose 12%, and AMD, which gained around 10%. Several other stocks related to AI and semiconductors also continued their upward trend. This surge in tech stocks has contributed to the overall increase in risk appetite, with Bitcoin benefiting from this shift.
The Federal Reserve's recent decision to raise interest rates by 25 basis points may have been a contributing factor to the decline of oil prices, which have eased some pressure on markets. However, the Fed still cites high inflation as a concern despite solid economic activity.