Bitcoin Smashes Through $80,000 Barrier on US Treasury Expectations

Bitcoin has broken through the $80,000 mark for the first time since May 15th, fueled by strengthening buying pressure in the cryptocurrency market. According to Binance data, the BTC/USDT pair surpassed $80,000 during the day and is currently trading around $79,670.

Over the past 24 hours, Bitcoin has gained approximately 3.2% and its total market capitalization has reached $1.59 trillion. The cryptocurrency's seven-day performance shows a 24.47% increase in value.

The rally is attributed to expectations regarding the US Treasury bond market, with a senior official indicating that up to $1 trillion from the Treasury General Account could be used for bond buybacks. This move would likely support the expansion of the recently announced bond repurchase program and ease financial conditions, benefiting risky assets like Bitcoin.