Bitcoin Surges to $86,455, an 8-Month High, After America's SEC Announces Tokenized Stock Experiment

August 15: $62,991 September 23: $86,456 Bitcoin shot up 37% over the last 39 days, reaching an eight-month high on Monday. "Bitcoin is back," declares Yahoo Finance:The token held near $86,000 on Tuesday after a stunning multisession rally... [Fundstrat head of digital assets Sean Farrell told Yahoo Finance on Monday] "I think the crypto winter is over, although that does not necessarily mean the path higher will be linear." For now, momentum is on crypto's side, with bitcoin jumping more than 5% on Friday and another 6% on Monday. "We believe crypto is in the early innings of a new bull market and we see few signs of overheating," Compass Point analyst Ed Engel wrote on Tuesday. The move looks "like a combination of renewed ETF demand and a large short squeeze," Nicolai Sondergaard, senior research analyst at Nansen, said as traders betting against bitcoin are forced to buy it back, adding further fuel to the rally. Bitcoin got bad news and then good news last week. After the U.S. Congress failed Thursday to pass a cryptocurrency 'Clarity Act', America's Securities and Exchange Commission instead announced a tokenized-stock experiment. It's a five-year "innovation exemption" that "creates a path for tokenized U.S. stocks to trade through automated market makers on public blockchain," according to CoinDesk. Yahoo Finance notes that Bitcoin and other altcoins surged after the announcement.

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