Bitcoin Reclaims USD 85,000 for First Time in 8 Months

Bitcoin, the top cryptocurrency by market capitalization, has surpassed the USD 85,000 threshold for the first time since late January.

According to U.S. crypto exchange Coinbase on September 21 (local time), the price of a single Bitcoin reached USD 85,895 as of 1:30 p.m. Eastern Time, up about 5.75% from 24 hours earlier.

This marks the first time Bitcoin has reclaimed the USD 85,000 level in approximately eight months, since it recorded USD 84,506 on January 29.

Bitcoin has risen by more than 7% over the past five days, with its three-month gains reaching approximately 35%.

Bitcoin experienced a sharp temporary decline on September 15 following the stalled passage of the Clarity Act in the U.S. Senate and the Federal Reserve's rate hike, but it has since rebounded by absorbing these negative factors.

This upward trend is attributed to declining international oil prices and growing optimism in asset markets ahead of a summit between U.S. President Donald Trump and Chinese President Xi Jinping.

Ethereum, the second-largest cryptocurrency by market cap, also rose 4.55% from 24 hours earlier to trade at USD 2,750.

Alex Kuptsikevich, senior analyst at crypto analysis firm FxPro, told Bloomberg, "The total crypto market cap has grown to USD 2.8 trillion, reaching its highest level since late January," adding that "buyers have been driving the crypto market since Sunday, September 20."

As a result, market attention is focused on whether the so-called "crypto winter" that persisted throughout the year is coming to an end and emerging from its slump.

Matt Hougan, Chief Investment Officer (CIO) at Bitwise, appeared on U.S. business channel CNBC and predicted, "I think the winter is over and spring flowers are blooming now," adding, "This bull market will be the strongest and longest-lasting in crypto history."

CIO Hougan cited improved fundamentals as the basis for his outlook, noting that while the crypto market experienced a downward trend for a time, trading volume increased during this period and mainstream companies like BlackRock participated in the crypto market.

He also presented a forecast that investors in the artificial intelligence sector would withdraw their funds and reinvest them into cryptocurrencies.

However, Bitcoin's price remains down by more than 30% compared to its all-time high of USD 126,210.5 recorded on October 6 of last year.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.