Cryptocurrency prices rose broadly on Monday, with bitcoin climbing above $27,000 for the first time this month.
The reason for the move isn't clear, although there was a spike in trading volume during opening hours in the Asian market, said Dessislava Aubert, senior research analyst at crypto data provider Kaiko.
"In the current low liquidity environment, relatively low buying and selling pressure could amplify spot price movements and spur liquidations on derivatives markets," she said.by Japan's Nikkei over the weekend that the Japanese government plans to allow startups to sell digital tokens to venture capital funds in addition to conventional assets like shares and stock options.
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