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Bitcoin nears $80,000 as crypto market posts biggest rally since 2023
ReBitcoin nears $80,000 as crypto market posts biggest rally since 2023
Bitcoin and other major cryptocurrencies extended a three-day rally on Monday, with Bitcoin trading near $80,000. The surge follows a week of double-digit gains and comes amid U.S. deficit concerns, a Treasury bond buyback program, and renewed crypto legislation efforts.
Bitcoin climbed to nearly $80,000 on Monday as the cryptocurrency market extended its strongest rally since 2023, with major digital assets and crypto-related stocks posting significant gains. The move caps a three-day surge that analysts say mirrors a similar breakout seen in January 2023, though some warn the momentum may not hold.
Bitcoin was trading up 3.5% at $79,912.92 midday Monday, just shy of the $80,000 mark, while Ether rose over 2% to about $2,500. Both assets are at levels not seen in months, following a largely lackluster performance for much of 2026. The rally follows a dramatic previous week that saw Bitcoin jump more than 21%, XRP surge over 46%, Ether climb 28%, and Dogecoin gain 30%, breaking out of their established trading ranges.
The market upswing comes amid growing concerns about the U.S. federal deficit and inflation, according to CNBC. The Treasury has doubled down on its bond buyback program, and President Donald Trump continues to push for the Clarity Act, a crypto bill that has been a priority during his second term. Trump has aggressively promoted crypto-friendly reforms and initiatives, while he and his family maintain personal stakes in crypto investments.
Adding to the bullish sentiment, Bridgewater Associates founder Ray Dalio warned investors of a possible debt crisis within the next three to five years. In a LinkedIn post, Dalio said he is confident the government's financial condition is at an inflection point, advising investors to underweight debt assets like bonds and overweight gold and a bit of Bitcoin.
Crypto treasury stocks also rallied Monday. Strategy and Strive climbed 5% and 3% respectively, while Bitmine rose 9% and Sharplink gained over 6% at the time of writing.
However, not all analysts are convinced the rally will sustain. BTIG's Jonathan Krinsky noted that in January 2023, Bitcoin surged some 20% in a three-day rally but later fell back to its 200-day moving average, according to CNBC. That historical pattern suggests the current breakout could face a pullback in the coming weeks.
Meanwhile, traders on the prediction market Kalshi expect the Bitcoin rally to set the tone for the rest of the year, with prices remaining at current levels but not soaring significantly further. The market's cautious optimism reflects a broader sentiment that while the immediate momentum is strong, the path ahead remains uncertain amid macroeconomic headwinds and ongoing policy developments.
