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Bitcoin (BTC-USD) advanced markedly on Monday in late afternoon trading, briefly topping $70K, leaving behind the subdued price action of the past few days.

The original cryptocurrency (BTC-USD) rose by as much as ~6% to $70.3K, before paring gains to $69.6K at the time of writing. That marked the first time in which BTC tested the $70K mark since early April.

BTC wasn't the only token experiencing strong intraday gains. Ether (ETH-USD) shot up 11.5% to $3.43K, Solana (SOL-USD) +8.2%, Cardano (ADA-USD) +3.4% and Dogecoin (DOGE-USD) +5%.

There wasn't a clear catalyst supporting the turnaround; however, it came on the same day that failed crypto lender Genesis won court approval of its bankruptcy liquidation plan to return billions of dollars to its defrauded customers. The news perhaps boosted investor confidence in crypto.

In any case, the rally helped push up crypto-related stocks. Marathon Digital (MARA) +15%, Bit Digital (BTBT) +22%, Greenidge generation (GREE) +15%, Riot Platforms (RIOT) +9%, MicroStrategy (MSTR) +9% and Coinbase (COIN) +8.5% all finished Monday's session notably higher.

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Bitcoin jumps back to over $70K, buoying crypto-tied stocks (Cryptocurrency:BTC-USD) - Seeking Alpha