Bitcoin Surges Past $84K Amid Regulatory Developments and Oil Price Swing

Bitcoin has breached the $84,000 mark after several regulatory developments boosted market sentiment. The cryptocurrency was trading at $84,949 on Monday, following a 5.56% increase in the past 24 hours.

According to Prateek Gupta, Head of Business at Mudrex, the move is supported by regulatory developments such as an SEC exemption for tokenized-stock trading and new CFTC crypto proposals sent for White House review.

A sharp swing in oil prices also contributed to a short squeeze, while spot Bitcoin ETFs returned to net positive weekly inflows, led by a $433 million inflow on Friday.

The global crypto market capitalization was up 4.83% to $2.88 trillion, according to Coinmarket cap data.