Bitcoin surged to a two-month high on Monday and crypto-related stocks surged along with it. Bitcoin hovered around $28,451 early Monday, up 4% in the last 24 hours. Coinbase stock climbed 5.5%, and crypto miner Riot jumped 15% shortly after the opening bell.

The heavy short liquidations on Sunday could have helped push the price higher as $94 million worth of futures contracts betting against the price of the crypto were closed out, according to Coindesk. Ether the second-largest crypto by market cap, also moved higher on Sunday to breach $1,700 for the first time in five weeks. The total market cap of all tokens surged 3.3% over the last 24 hours to reach $1.16 trillion, per Decrypt.

The high-profile trial of Sam Bankman-Fried, the founder of the collapsed exchange FTX, begins this week. The crypto wunderkind faces criminal charges including fraud and bribery. Michael Lewis’ book about Bankman-Fried, “Going Infinite” is set to be released Tuesday.

Legendary short-seller Jim Chanos, however, slammed Lewis’ defense of FTX. He stated in an interview on 60 Minutes on Sunday that the exchange only failed because of a bank run. Chanos posted on X, “This was literally Enron’s defense.”