Bitcoin Surpasses $80,000 Amid Dollar Weakness and Concerns Over Its Value

The price of the Bitcoin cryptocurrency rose above the $80,000 level on Tuesday to its highest point in more than three months, supported by a weaker US dollar following measures taken by US Treasury Secretary Scott Bessent to calm the bond market, which revived strength in the cryptocurrency sector.

Bitcoin recorded $80,323.24 in the latest Asian trading sessions, after touching $81,237.94 earlier, its highest level since mid-May.

The currency has surged by approximately 28 percent since the beginning of August, on track to post its largest monthly gains since November 2024.

The US Treasury Department bolstered the cryptocurrency market after it revealed plans last week to purchase more long-term bonds to limit gains in long-term yields, with the dollar bearing the brunt of investor concerns.

Tony Sycamore, an analyst at IG, said: “The (Treasury Department’s announcement) drove buyers to strongly shift toward physical and digital assets amid renewed fears of currency depreciation... Any sustained rise above this level will pave the way for the currency to move toward $95,000 and $100,000.”