Bitcoin Surges Past $85,000, Crypto Stocks Follow Suit

Crypto-linked equities are soaring as Bitcoin (BTC) pushes towards fresh multi-month highs.

The price of Bitcoin has hit $85,400, a gain of around 5% over the past 24 hours, and is trading above its January level. Ethereum (ETH), XRP, and Solana (SOL) are also seeing significant gains as the entire crypto market rises.

Several factors are contributing to this move, including a decline in oil prices for four consecutive sessions, which has eased inflation worries and pulled the 10-year Treasury yield below 5%.

This increased investor confidence that key macroeconomic events such as the Federal Reserve's rate decision on September 16 have been priced in. Additionally, a wave of short-seller liquidations is putting forced buying pressure on the market, accelerating the rally.