Bitcoin Soars 23.6% Amid Dollar Weakness and Falling Yields

Bitcoin's price surged 23.6% in the week to August 21, its second-best weekly performance since February 2021.

The rally followed a change in U.S. debt management announced by Treasury Secretary Scott Bessent on August 19, which included an expansion of Treasury bond buybacks to at least $4 billion from $2 billion.

As a result, yields and the dollar fell, lifting risk assets. The 30-year Treasury yield had reached its highest since 2007 before declining after the announcement.

Ether rose even more than Bitcoin, gaining 31.3% over the same period, and outpaced it for the week. Both cryptocurrencies closed above their 200-day moving averages.