Crypto Stocks Gain as Bitcoin Breaks Above $90,000

Crypto stocks gained in premarket trading. BitMine rose 3%; SharpLink Gamingand MARA Holdings rose 2%; Strategy rose 1%; Coinbase rose 0.7%.

Bitcoin rose in Asia trading to top $90,000, hinting at a potential breakout after the token missed out on a Santa rally that sent stocks to record highs.

The original cryptocurrency rose as much as 3.1% to above $90,200 in Singapore on Monday, according to data compiled by Bloomberg. Other cryptocurrencies also jumped, with Ether up as much as 4% to surpass $3,000.

Bitcoin was largely unmoved as the S&P 500 surged to a record close in the build-up to Christmas. The wider crypto space has yet to recover from a weeks-long selloff that began in October with the liquidation of some $19 billion worth of leveraged positions.

That episode hollowed out the market, with traders reluctant to bet big on a comeback since. Now, there are early signs of a shift in mood.

The Bitcoin funding rate — a key barometer of crypto sentiment — is at its highest level since Oct. 18, according to CryptoQuant data, signaling growing demand for bullish bets in the perpetual futures market.