Bitcoin Surges Above $81,000 as Near Protocol Gains 23%

Bitcoin traded above $81,000 on Monday morning hours in Asia, up less than 1% over the past 24 hours. The price surge comes after the U.S. Securities and Exchange Commission cleared a path for onchain trading of tokenized U.S. stocks last Thursday.

This move has helped spur a short squeeze, according to Jeff Mei, chief operating officer at exchange BTSE. He attributes the bitcoin spike to the SEC's decision and the subsequent short squeeze that followed.

Near protocol (NEAR) was the standout among major tokens, rising roughly 23% to just above $4. This surge is attributed to its cross-chain swap service, NEAR Intents, which allows users to trade one token for another across different chains without moving funds first.