Bitcoin Crosses $80,000 For The First Time Since May Amid Crypto Bounce Back
Bitcoin climbed above $80,000 for the first time since mid-May as Treasury buybacks and dollar selling lifted major cryptocurrencies.
- Bitcoin surpassed $80,000 on Monday for the first time since mid-May, marking a significant recovery from the world's most valuable cryptocurrency, though it remains well below last year's $126,000 all-time peak.
- Treasury Secretary Scott Bessent announced last week plans to double the Treasury's buyback of long-dated bonds, aiming to curb rising yields amid concerns over the war in Iran and the $40 billion national debt.
- Investors are pursuing the so-called "debasement trade," shifting capital toward scarcer assets like gold and Bitcoin. Hedge fund billionaire Ray Dalio warned Friday of a debt crisis, advising investors be "underweighting debt assets like bonds, and overweighting gold and a bit of Bitcoin."
- Major tokens surged alongside Bitcoin, with Ether rising more than 30% from the previous week, while Solana's SOL, Binance's BNB, XRP, and the memecoin DOGE climbed 32%, 18.7%, 51.7%, and 31.8% respectively in seven days.
- Trump called on Congress to pass the long-stalled CLARITY Act, which will establish legal guidelines for digital assets. The president stated the legislation is "very, very powerful structured legislation which will keep us ahead of China.
11 Articles
11 Articles
Bitcoin's growth was driven by US fiscal policy, a weaker dollar, and the return of traditional investors.
For the first time since May, Bitcoin rose above $80,000 as investors showed more appetite for riskier assets....
Bitcoin crosses $80,000 for first time since mid-May driven by weaker dollar, gains 28% in August
Bitcoin crossed the threshold of eighty thousand dollars on Tuesday, marking a significant extension of its rally. The driving forces behind this surge include a weakening US dollar and optimistic policy forecasts that have spiked cryptocurrency interest. The movements came in response to Treasury Secretary Scott Bessent's actions in the bond market.
Bitcoin is worth more than $80,000 again for the first time since May. Investors are showing a greater appetite for risky investments.
Bitcoin tops US$80,000 on debasement trade, sets three-month high
BITCOIN climbed above $80,000 for the first time since mid-May, as optimism returns to the long-beaten-down crypto market amid a confluence of bullish signals that forced the liquidation of billions in leveraged bets.
Coverage Details
Bias Distribution
- 43% of the sources are Center, 43% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
