Bitcoin Soars 26% in August, Surpasses OTC Commodities

In August, Bitcoin led all major markets with a remarkable 26.21% gain, surpassing silver, gold, US stock indices, oil, and the Ibovespa.

This strong performance was built over just more than a week, as the cryptocurrency broke above $69,000 for the first time in two months on August 19, closing at around $69.4 million. From there, its price accelerated rapidly, reaching a high of nearly $81,280 by mid-morning on Friday, representing an increase of over 17% from its level on August 19.

The Bitcoin rally was fueled by several factors, including the US Treasury's decision to expand long-term bond purchases, which helped reduce pressures in the Treasuries market and increased perceived liquidity among investors. A new SEC proposal for crypto offerings also boosted investor sentiment during this period.

Additionally, the weakness of the dollar and growing concerns over traditional currency devaluation due to US government intervention in the debt market contributed to the surge in Bitcoin's value. On August 25, the cryptocurrency surpassed $80,000 for the first time since May.