Bitcoin Surges Past $81K Amid Eased Interest Rate Hike Concerns

Bitcoin rose to its highest level in over three months, surpassing $81,400 on August 3. The surge has been ongoing for three weeks and has seen a decrease in Bitcoin's fall to 7% since the beginning of the year.

The rise in Bitcoin was accompanied by a surge in virtual asset-related stocks listed on the U.S. stock market. MicroStrategy, led by Chairman Michael Saylor, saw its strategy of holding a large amount of bitcoin surge 17.6%. Coinbase, the largest virtual asset exchange in the U.S., rose 10.1%, while Robinhood, which has a high proportion of virtual asset transactions, jumped 16.6%.

The recent rise in investment opinions on Wall Street and the virtual asset rally were positive for Robinhood. Morgan Stanley raised its Robinhood Investment rating to Overweight and raised its price target to $150. Robinhood closed at $124.72 for the day.