Bitcoin Soars Above $70,000 as Yields Fall and Dollar Weakens

Bitcoin surged to its highest level in over two months, surpassing $70,000 for the first time since June 1. The cryptocurrency's market capitalization rose 11.1% over the past 24 hours to $1.43 trillion, while its daily trading volume skyrocketed over 260% to $60.8 billion.

The rally was fueled by falling US Treasury yields and a weaker dollar, which made dollar-denominated assets more attractive to overseas investors. The US Treasury's plans to increase buybacks of longer-term government debt also pushed Treasury yields sharply lower.

Renewed optimism over crypto regulation also contributed to the surge in demand for risk assets. Bitcoin had already posted its strongest daily gain since March on Wednesday, ahead of a meeting between US President Donald Trump and executives from major cryptocurrency companies.