Bitcoin Hits Highest Level Since January

Bitcoin topped $85K on Monday, extending the rally that began last week and reaching its highest level since January. The cryptocurrency was supported by improving overall market sentiment, continued declines in oil prices, progress on the regulatory front and renewed institutional inflows. The US Securities and Exchange Commission introduced a five-year exemption for platforms facilitating the trading of tokenised stocks and other securities using blockchain technology. This came despite the US Senate voting last week to block the Clarity Act from advancing. The legislation would establish a regulatory framework for digital assets. Meanwhile, traders are also focused on this week’s summit between US President Donald Trump and Chinese President Xi Jinping, with markets looking for signs of progress towards easing trade tensions. Demand for Bitcoin has also strengthened. US spot Bitcoin ETFs recorded $433 million in net inflows on September 18, led by Fidelity and BlackRock.