Bitcoin breaks $81,000! Surges 5.8% as oil prices fall and SEC acts

Bitcoin breaks $81,000... Surges 5.8% in a day as oil prices fall and SEC acts

▲ Wall Street, International Oil Prices/AI Generated Image ©

Bitcoin (BTC) has made a strong rebound, exceeding $81,000. International oil prices, which had approached $110 per barrel, retreated below $104, easing inflation and interest rate burdens. Additionally, the U.S. Securities and Exchange Commission (SEC) providing limited regulatory exceptions for tokenized stock trading boosted cryptocurrency investor sentiment.

According to investment media outlet The Motley Fool on September 19 (local time), Bitcoin rose 5.8% over 24 hours as of 2:54 PM on September 18. At the time, its price was $81,193, with an intraday trading range of $77,357 to $81,675. Its market capitalization was $1.6 trillion, and trading volume was $44.2 billion. On the same day, Bitcoin's surge was notable, while the S&P 500 index fell 0.2% and the Nasdaq Composite index remained flat.

The first reason for the rebound is the fall in international oil prices. Brent crude, a benchmark for international oil prices, at one point approached $110 per barrel earlier in the week, fueling inflation concerns and influencing the rise in U.S. 30-year Treasury yields. When Treasury yields rise, the attractiveness of relatively safe U.S. Treasury bonds increases, which acts as a burden on risk assets like Bitcoin. However, by Friday afternoon, Brent crude fell below $104, and the 30-year Treasury yield also dropped by about 1% from its Tuesday high, partially easing the pressure on risk assets.

Positive changes also emerged on the regulatory front. After a comprehensive cryptocurrency bill failed to advance in the U.S. Senate, the SEC approved a limited five-year exception, allowing companies to trade tokenized U.S. stocks. The fact that a key regulatory body took direct action, even amidst stalled congressional cryptocurrency regulation, served as a limited but positive factor for the cryptocurrency market.

However, the outlet took a cautious stance on definitively calling this surge the beginning of a long-term major rally. This is because the macroeconomic environment driving the cryptocurrency market has been changing rapidly on a daily basis. Although Bitcoin recovered $81,000 with a 5.8% rise in 24 hours, it is necessary to confirm whether the international oil prices, interest rate environment, and regulatory changes that led this rebound will persist.

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