In brief
- The price of Bitcoin topped $80,000 overnight for the first time since January.
- Both Bitcoin and Ethereum have made sizable gains over the last month after a tough start to the year.
- Strategy didn't buy any Bitcoin last week ahead of its upcoming earnings report.
The price of Bitcoin rose above the $80,000 mark overnight for the first time since late January, marking a fresh milestone in the leading cryptocurrency's rebound after dipping below $65,000 at multiple points in recent months. And it comes as the leading holder of Bitcoin, the publicly traded Strategy, took a rare week off in accumulating the coin.
Bitcoin touched a recent high of $80,529 early Monday Eastern Time, and has since dipped to a recent trading price of $79,300. At that price, it's up 0.8% on the day, and has risen more than 18% over the last 30 days per data from CoinGecko.
Ethereum has similarly posted a double-digit percentage gain over the last month, rising almost 15% during that span to a recent trading price of $2,350, while the monthly gains of other top coins like XRP and Solana haven't been as large.
Bitcoin, Ethereum, and most other major coins fell sharply earlier this year as U.S. President Donald Trump began the war in Iran alongside ally Israel, with the instability rocking risk assets like cryptocurrencies. However, they've rebounded in recent weeks amid a ceasefire and hopes that the conflict will end imminently.
Over the last 24 hours, over $461 million worth of futures positions have been liquidated across the crypto market, per data from CoinGlass, including $213 million worth of Bitcoin positions and $118 million worth of positions tied to Ethereum. Shorts make up the majority of the overall liquidations, tallying $317 million as crypto bears get hit by the market upswing.
Strategy, which holds about $65 billion worth of Bitcoin, reliably announces a weekly BTC purchase every Monday morning with rare exception. This week was one of those exceptions, but it was expected: The company routinely skips buys the week before its quarterly earnings report, which is coming this Thursday.
"No buys this week. Back to work next week," Strategy co-founder and Executive Chairman Michael Saylor wrote on X on Sunday.