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Cryptocurrency legislation expectations boost bullish sentiment! Bitcoin returns to the $80k level

Bitcoin broke above $80,000 for the first time in three months, while Asian stock markets approached record highs. This largest global cryptocurrency rose 2.1% on Monday to $80,594, reaching its highest level since January 31. Other smaller tokens, including Ethereum, also gained.

As cryptocurrencies rise, the MSCI (159577) Asia stock index is approaching the record high set in February. Last week, tech company earnings exceeded expectations, boosting investor risk appetite and driving a stock market rebound. The market is currently digesting conflicting signals regarding the Iran situation.

U.S. President Trump stated that the U.S. will begin guiding ships unrelated to conflicts through the Strait of Hormuz, but an Iranian senior official warned that the Iranian government would consider any U.S. intervention in the strait as a violation of the ceasefire agreement. Bitcoin hit a record high slightly above $126,000 last October, followed by months of decline, dropping to around $60,000 in February. Since then, the token has gradually recovered, partly due to improved institutional demand. Data shows that U.S. Bitcoin exchange-traded funds recorded a net inflow of $630 million last Friday.

Sean McNulty, Head of Derivatives Trading for Asia-Pacific at FalconX, said that institutional activity in the derivatives market indicates "high confidence in Bitcoin reaching $85,000 mid-month."

Richard Galvin, Executive Chairman of cryptocurrency investment firm DACM, said that market optimism about the U.S. possibly reaching an agreement on key stablecoin yield terms has also boosted trader confidence, potentially paving the way for cryptocurrency policy progress in the Senate. He added that it is still in the "early stages," but $80,000 has been "an important psychological threshold."

As of press time, Bitcoin has given back some gains, trading slightly above $80,000. Carolyn Molron, co-founder of Orbit Markets, said that a clear breakthrough of the $80,000 level would "provide further upward momentum for this type of asset."