Bitcoin briefly tops $80,000, the highest level since January
What happened: Bitcoin (BTC-USD) jumped 2% overnight, briefly topping $80,0000, its highest level since late January.
What’s behind the move: The world’s largest cryptocurrency rose as stocks were mixed in pre-market trading, and traders digested the latest Middle East war developments.
The token jumped to a January high late Sunday after President Trump announced "Project Freedom", an initiative designed to provide safe passage for neutral international ships currently trapped in the Strait of Hormuz due to the US-Iran war.
What else you need to know: Bitcoin jumped 12% in April, its strongest monthly gain since May of last year.
The move to $80,000 is a bullish sign for investors as the cryptocurrency has struggled to break above $76,000 over the past several weeks.
Bitcoin however has shown resiliency amid the Iran war, outperforming stocks and gold during the conflict. The token is up roughly 20% since the Iran war.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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