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Bitcoin Rises Above $80,000 as Soft Dollar, Debasement Fears Boost Momentum
Bitcoin climbed above $80,000 as Treasury buybacks and a softer dollar lifted demand for alternative assets, with analysts calling it an early bull market.
- On Tuesday, Bitcoin broke above $80,000 for the first time in three months, reaching $81,237.94 during Asian hours as a broader rally in alternative assets gained momentum.
- Treasury Secretary Scott Bessent's plan to buy back long-dated bonds, aimed at taming bond yields, weakened the U.S. dollar and shifted investor demand toward digital assets and hard commodities.
- Bitcoin has surged 16% since President Donald Trump called for clearer Cryptocurrencies sector definitions, and the asset is up 28% in Aug, marking its biggest monthly gain since November 2024.
- Market analyst Tony Sycamore said the Treasury announcement "prompted buyers to scramble into physical and digital assets as debasement trade fears re-emerged." This suggests sustained momentum for the sector.
- Tim Sun of HashKey Group said lower yield tolerance creates a "supportive macro backdrop for assets such as Bitcoin and Gold," while analyst Tony Sycamore projected sustained momentum could push prices toward $95,000-$100,000.
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Bitcoin also benefits from the decline in US bond yields following the Treasury announcement on Wednesday of an expanded bond purchase program, putting pressure on the dollar.
·Warsaw, Poland
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Bitcoin rises above $80,000 as soft dollar, debasement fears boost momentum
·London, United Kingdom
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(Seoul = Yonhap News) Reporter Yoo Dong-hyun = Bitcoin has risen to the $80,000 mark for the first time in about three months.
·Seoul, Korea (the Republic of)
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Coverage Details
Total News Sources19
Leaning Left3Leaning Right3Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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