Bitcoin Blasts Off as US Crypto Legislation Hopes Fuel Rally
Bitcoin surged on August 19th to its highest level since May, reaching US$77,675.94 after climbing 6.9% in a single day.
The cryptocurrency's value has increased by over 20% since Wednesday, with the world's largest asset by market value experiencing three consecutive days of gains above 5%.
The rise is attributed to renewed optimism around US crypto legislation and the US Treasury's move to lower long-term borrowing costs by doubling its sovereign bond buybacks.
Bret Kenwell, a U.S. investment analyst at eToro, stated that 'renewed optimism around crypto progress in Washington helped light a fire under Bitcoin.'
The 30-year Treasury yield surged to levels last seen in 2007 just before the global financial crisis, and the prospect of lower yields has made safer investments less attractive.