Crypto Market Surges Over 4%, Bitcoin Nears $85K

The crypto market experienced a surge of over 4% to just under $3 trillion, with major assets like XRP, SOL, and ETH leading the charge. Bitcoin, which neared $85,000, saw its price climb around 5.5% in the past 24 hours.

Crypto-linked stocks like MSTR and ASST rallied alongside BTC's increase, with MSTR stock jumping as much as 7% in pre-market trade and ASST climbing to levels last seen in November. The US Oil Fund (USO) fell around 2.7% in early morning trade.

The oil market saw a fourth consecutive day of losses, with Brent crude prices dipping below $100 for the first time since May. Over $700 million in crypto positions were liquidated during the rebound, with short positions accounting for the bulk of the forced selling.