Crypto extends gains after biggest 3-day rally since 2023

Bitcoin and crypto stocks extended their rally to start the week after the flagship cryptocurrency broke out of its trading range as investor concern over inflation and the fiscal deficit grew.

The price of bitcoin was higher by 2% on Monday, trading just under $80,000 at levels not seen since May. Ether rose 2% to about $2,500, trading at its highest level since January.

Crypto treasury stocks followed the blue-chip crypto assets higher. Strategy and Strive climbed 2% and 4%, respectively, while ETH treasury names Bitmine and Sharplink gained 3% and 2%, respectively.

Investors are wondering if the rally could mark a turning point for bitcoin, whose price has been stuck in a prolonged slump since October, ahead of a seasonally bullish period for the coin.