Bitcoin rose in Asia trading to top US$90,000, hinting at a potential breakout after missing out on a Santa rally that sent stocks to record highs. The cryptocurrency rose as much as 3.1 per cent to above US$90,200 in Singapore on Monday, according to data compiled by Bloomberg. 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 sell-off that began in October with the liquidation of some US$19 billion worth of leveraged positions.
Now, there are early signs of a shift in mood. Monday’s uptick appears driven by short-term retail traders expanding positions in futures, Bea added. The Bitcoin funding rate, a key barometer of crypto sentiment, is at its highest level since Oct 18, according to CryptoQuant data, signalling growing demand for bullish bets in the perpetual futures market.
Singapore has been listed as the top country for regulatory clarity in Bybit’s 2025 World Crypto Rankings report. JPMorgan plans to allow institutional clients to use their holdings of Bitcoin and Ether as collateral for loans. Hong Kong has been actively building a framework to support the development of crypto assets and stablecoins as part of its strategy to become a top digital finance hub. Open interest in futures positions for Bitcoin has also bounced from recent lows, but remains well below recent peaks that coincided with Bitcoin recent highs in October, Bea added.
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