Bitcoin Surges to Seven-Month High as Crypto Stocks Rise

Crypto-linked stocks are rising in premarket trading on Monday, following a strong rebound in Bitcoin to its highest level in over seven months.

The world's largest cryptocurrency has extended its recovery after a U.S. regulatory decision expanded the scope for on-chain trading of tokenized stocks, and falling oil prices have eased broader inflation worries.

Investors appear to be looking past the hawkish tone that followed last week's Federal Reserve rate increase, which lifted the benchmark rate to 4.00%.

Bitcoin has surged 5.1% to $84,435.90 as of 06:17 ET (10:17 GMT), with a weekly gain of around 5%. The token had briefly dropped below $76,000 in the wake of the Fed's decision before rebounding over the weekend.