Bitcoin Blasts Past $79,000 as Inflation Fears Drive Up Price
Bitcoin's price surged towards $80,000 on Monday as the cryptocurrency market recovered from its weekend slump. The market data shows that after dipping below $77,000 briefly around midnight, bitcoin rebounded and traded just below $77,500 until 7:30 a.m. EST.
Bitcoin then echoed last week's bull run by spiking to just under $79,200 before a quick sell-off pulled it back to $78,200. A secondary surge pushed prices higher, reclaiming $79,000 and reaching a new August peak of $79,989, but was dragged back down by profit-taking.
Despite this, the bitcoin price action during the 24-hour period left it with daily gains of approximately 3% and pushed its market capitalization to $1.59 trillion. The latest gains also brought bitcoin's year-to-date losses below 10% for the first time since mid-May, exciting investors who have been steadfast in their belief that the cryptocurrency will close 2026 in the green.
Economist Peter Schiff warned of 'massive QE' due to the U.S. Treasury's bond buyback plans and subsequent remarks by Treasury Secretary Scott Bessent hinting at even larger buybacks, which he believes will result in increased inflationary pressures and a flight to alternative assets like gold and cryptocurrency.