Bitcoin rises above $85,000 as crypto rally extends

Bitcoin climbed above $85,000 on Monday, reaching its highest level since late January after a sharp run higher over the past several days. The cryptocurrency was last trading near $84,256, up about 3.8%, according to CoinMetrics. The move comes as investors debate whether the recent downturn in digital assets, often described as a crypto winter, has ended. Matt Hougan, chief investment officer at Bitwise, said on CNBC that stronger blockchain activity and growing participation from large firms have improved the sector’s fundamentals. He also said money may be shifting out of AIlinked stocks and back into crypto. The rally came even after the U.S. Senate blocked the Clarity Act last week, a bill that would have created a clearer regulatory framework for the industry. Shares tied to crypto, including Strategy and Coinbase, also traded higher in premarket activity.