Bitcoin Breaks $80,000: Has the Crypto Rally Found Its Legs Again?
Bitcoin rallied 23% in a week as $1.92 billion flowed into 13 US-listed spot funds and $7.2 billion in bearish bets were liquidated, Bloomberg and Coinglass said.
9 Articles
9 Articles
The largest cryptocurrency rose 23% in a week – $1.92 billion in inflows into ETFs and $7.2 billion in bearish position liquidations.
Bitcoin Rides Debasement Trade to Three-Month High Above $80,000
Bitcoin climbed to $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.
The phenomenon of "debasement trading," in which investment funds flow into alternative assets such as gold and Bitcoin to defend against the decline in the dollar's value caused by concerns over the U.S. fiscal deficit, is intensifying. Along with portfolio adjustments by institutional investors, demand for alternative investments in the asset market is surging.
Bitcoin has beaten stocks and gold over six months. Now it’s closing in on $80,000.
Bitcoin was rising Monday near the $80,000 level that it last touched in May, after the cryptocurrency surged last week on the Treasury Department’s plans to buy back longer-dated Treasurys.
Coverage Details
Bias Distribution
- 67% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
