Bitcoin Surpasses $80,000

Bitcoin rose above the $80,000 level during trading yesterday (Tuesday), marking its highest point in more than three months, supported by a weaker US dollar and improved investor appetite for digital assets, following moves by the US Treasury aimed at calming the bond market and curbing the rise in long-term yields.

The world’s largest cryptocurrency hit $80,320 in the latest Asian trading session, after touching $81,230 earlier, its highest level since mid-May. It has surged approximately 28% since the beginning of August, positioning itself to achieve its largest monthly gains since November 2024, according to Reuters.

Bitcoin gained additional momentum after US President Donald Trump urged Congress to pass legislation providing clearer definitions for the cryptocurrency sector, prompting the currency to rise by about 16% since that call.

Plans by the US Treasury to increase long-term bond buybacks also supported digital assets, amid pressure on the US dollar and investor concerns regarding the value of the American currency.

Tony Sycamore, an analyst at IG, stated that Treasury moves have driven investors toward physical and digital assets as fears related to currency depreciation resurface. He noted that if Bitcoin continues to hold above current levels, it could pave the way for a move into the $95,000 to $100,000 range.