Bitcoin Soars to 7-Month High on Tokenization Regulatory Boost
Bitcoin surged to its highest level in over seven months on Monday, fueled by a U.S. regulatory move that allowed greater on-chain trading of tokenized stocks. The world's largest cryptocurrency jumped 5.7% to $85,138.9 by 09:35 ET (13:35 GMT), building on a 5.1% weekly climb.
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 is expected to facilitate innovation while maintaining investor protections.
Major digital tokens and crypto-related equities also saw gains, with Coinbase rising 12%, Strategy gaining 16%, and Robinhood advancing 9%. The broader risk environment improved as Asian equities rose and U.S. stocks gained following positive signals from U.S.-China trade discussions.