News by CNBC TV18 on TradingView, 2026-09-22 — cnbctv:b8767e2e3094b:0

Bitcoin surged above $87,000 to an eight-month high as a broader recovery in global risk assets spilled into cryptocurrencies, with renewed buying in US spot Bitcoin ETFs and short covering adding to the move.

According to Bloomberg, Bitcoin rose as much as 7.7% to $87,354 in New York, extending its rebound by more than $10,000 from last week's lows. The cryptocurrency was trading around levels last seen in late January, although it remained about a third below its record high reached in October.

The rally came alongside gains in global stocks and bonds, as lower oil prices and optimism around a planned summit between US President Donald Trump and Chinese President Xi Jinping improved broader market sentiment. Smaller cryptocurrencies also advanced, with Dogecoin rising as much as 14% and XRP gaining about 8%, Bloomberg reported.

Crypto markets also saw heavy position liquidations during the rally.

Bloomberg, citing CoinGlass data, reported that liquidations of long and short positions across digital assets had climbed to about $1 billion over 24 hours, the highest level since late August.

Short positions accounted for about $878 million of the liquidations during that period.

Prateek Gupta, head of business at Mudrex, said the rally was supported by a more favourable risk environment after the Federal Reserve's tone was seen as relatively dovish, while falling oil prices helped ease concerns over inflation. He also pointed to short covering as an additional driver.