Bitcoin Soars 40% in Q3, Sets Sights on Best Third Quarter Performance in Over a Decade

Bitcoin has surged by nearly 40% in Q3, putting it on track for its best third quarter performance in over a decade. This impressive rally has already surpassed three of the four previous quarters with higher returns, according to data from Bitbo.

The cryptocurrency's price topped $87,000 earlier this month, its highest since late January, as regulatory developments and market conditions favorably impacted the asset. The SEC's efforts to build a framework for cryptocurrency, including tokenized U.S. stocks, have contributed to Bitcoin's resurgence.

Additionally, the Treasury's decision to double its debt buybacks has supported the bond market, while falling bond yields and a weaker dollar have coincided with renewed interest in Bitcoin. Strategy MSTR ended its two-month buying drought last week, purchasing 1,665 Bitcoin for $142.7 million.