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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27 Articles
Bitcoin Reaches Three-Month High of $80,000 as Momentum Returns
Bitcoin briefly climbed above $80,000 for the first time since mid-May, as optimism returns to the beaten-down crypto market amid a confluence of bullish signals that forced the liquidation of billions in leveraged bets.
The bitcoin operates close to stability this Tuesday (25), after exceeding the US$80,000 and reaching the highest level in about three months. The cryptocurrency returned part of the gains with the fall of the dollar this morning, but continues to be sustained by the recovery started last week, after the US Treasury expanded the buybacks of long-term public bonds. At around 10:30 a.m., the bitcoin rose 0.9% in 24 hours, to US$78,651.29, accordin…
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.
The Queen of Crypts is mainly carried by the weakness of the dollar, itself penalized by a reinforced bond purchase program from the US Treasury.
Bitcoin Tops $81,000 for the First Time Since May as Treasury Buybacks Revive the Debasement Trade
Bitcoin rose above $81,000 on Tuesday for the first time since mid-May, extending a rally that has pushed the token up roughly 28% in August. That would be bitcoin’s biggest monthly gain since November 2024. It touched $81,272 in Asian hours before easing to most recently trade at $80,680. The move traces to the bond market rather than to anything inside crypto. The Treasury said on Aug. 19 that it would double its long-end debt buybacks to at l…
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