Bitcoin Soars 40% in Best Quarter Since Late 2024 Amid Treasury Debt Repurchases
Bitcoin's price surged by 40% in its best quarter since Q4 2024, reaching nearly $83,698. This significant increase comes after a softer dollar and lower long-term yields, which have reduced the opportunity cost of holding non-yielding assets like Bitcoin.
The Treasury's announcement to more than double the size of its government debt repurchases on August 19 contributed to this rally, with BTC up about 30% since then. The Federal Reserve raising interest rates and lawmakers blockage of landmark crypto legislation have not deterred investors, who remain optimistic about the asset.
CryptoQuant reported that Bitcoin crossing above its 365-day moving average marked a return to a bull market, a trend also observed in past cycles. This technical signal has been a definitive indicator of the start of Bitcoin's bull markets.