The price of Bitcoin soared past the $80,000 threshold overnight for the first time since late January, marking a significant milestone in its recovery from recent dips below $65,000. This development coincides with the leading holder of Bitcoin, publicly traded Strategy, opting to pause its usual weekly coin accumulation.
Early Monday Eastern Time saw Bitcoin reach $80,529 before falling to a trading price of $79,300 recently. At this level, it is up 0.8% on the day and has seen over an 18% increase in the past 30 days according to CoinGecko data.
Ethereum also experienced notable growth, with a nearly 15% rise over the last month, bringing its trading price to $2,350. However, other major cryptocurrencies like XRP and Solana have not achieved similar monthly gains.
Earlier this year, Bitcoin, Ethereum, and many other significant coins dropped sharply due to geopolitical tensions initiated by U.S. President Donald Trump’s actions in Iran with Israel. These events unsettled risk assets including cryptocurrencies. Yet, the recent ceasefire and prospects for resolving the conflict have led to a rebound over the past few weeks.
In the last 24 hours, futures positions worth $461 million were liquidated across the crypto market, according to CoinGlass data. This includes $213 million in Bitcoin-related positions and $118 million tied to Ethereum. Shorts accounted for most of these liquidations, totaling $317 million as bearish investors faced losses amid the market’s upward trend.
Strategy, which holds approximately $65 billion worth of Bitcoin, typically announces a weekly BTC purchase every Monday with few exceptions. This week was one such exception, anticipated because Strategy often skips purchases before its quarterly earnings report due this Thursday.
“No buys this week. Back to work next week,” Strategy co-founder and Executive Chairman Michael Saylor posted on X on Sunday.