Bitcoin, the world's largest cryptocurrency by capitalization, rose in value by more than 2% on Monday and once again broke the $110,000 per coin mark, at one point reaching $111,000. Investor optimism was fueled by a report that Japan's top financial regulator is considering rule changes that would allow the country's banks to store bitcoin and other cryptocurrencies, Yahoo Finance explains. This indicates growing institutional acceptance of the sector, the portal believes.

Bitcoin's rally supported the growth of other crypto-assets, and also strengthened hopes that last week's drawdown was only a temporary pause and not a reversal towards a downturn. For example, the value of the second most capitalized crypto coin, Ether, rose above $4,000 after falling to $3700 last week. Shares of Strategy, the largest publicly traded bitcoin holder, were up more than 4% at the moment after the company disclosed that it acquired 168 bitcoins at an average price of $112,051 between Oct. 13 and Oct. 19. The company now owns 640,418 tokens worth $47.4 billion, according to documents filed with regulators.

Quotes of crypto platforms Robinhood and Coinbase jumped by almost 5% and 3.5%, respectively. Stablecoin issuer Circle also added about 3.5% amid growing interest in digital assets. Shares of companies engaged in mining and simultaneously developing artificial intelligence and high-performance computing also grew rapidly. MARA Holdings, which is expanding its AI and data center operations, soared 11%; Bit Digital gained 20%; and Cipher Mining rose 10%.

This article was AI-translated and verified by a human editor

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