Bitcoin Surges Past $86,500 as Nasdaq Hits All-Time High
Bitcoin's price surged above $86,500 on September 22 as it cleared a resistance band that had been holding its value since most of September. The move came after the Nasdaq Composite logged an all-time high and oil prices dropped due to diplomatic developments tied to Iran.
The Nasdaq Composite rose 2.26% in its strongest single-day gain since June, with chipmakers driving much of the increase. Intel climbed 12% and AMD gained roughly 10%, crossing a $1 trillion market cap. The Nasdaq extended this streak into Tuesday, adding 0.4% and reaching a new intraday record.
Oil prices moved in the opposite direction, with Brent crude briefly falling below $98 a barrel and WTI dropping under $93 to its lowest level since September 4. Saudi Arabia's decision to restart its East-West Pipeline was expected to take six to eight weeks to reach full capacity.