Bitcoin Surpasses $80,000 for First Time in Months
Bitcoin has surged back above the $80,000 level for the first time since May, marking a significant turnaround after months of sideways trading and losses. The cryptocurrency had been down nearly 27% year-to-date as recently as mid-August but is now up sharply amid renewed risk appetite in global markets. Investors appear to be overlooking concerns about rising government bond yields and tighter U.S. monetary policy, with falling oil prices also helping ease inflationary pressures. The price surge has left prediction market participants who had bet on a weaker year for Bitcoin looking uncertain. On platforms like Kalshi and Polymarket, the bulk of wagers were placed in lower ranges, suggesting many traders did not anticipate this move. Analysts are watching whether the breakout is sustainable or just another short-lived spike. Chris Beauchamp from IG noted that timing could be favorable for Bitcoin as it moves into a historically stronger period and suggested markets have shifted to a more risk-on mindset.
