Bitcoin Soars Past $80,000 Amid Regulatory Hopes
Bitcoin has reached an all-time high of $81,237.94, surpassing $80,000 for the first time since mid-May.
The cryptocurrency's price surge, which has seen it gain 28% in August alone, is attributed to a combination of factors including US President Trump's call on Congress to clarify crypto regulation and efforts by Treasury Secretary Scott Bessent to ease pressure in the bond market.
Alice Liu, Head of Research at CoinMarketCap, notes that leveraged positioning was not the primary cause of the move, but rather ETFs absorbing close to $2 billion over six consecutive days of inflows and another $944 million in spot buying, which 'walked straight into stale short positions.'
Liu also highlighted a rising correlation between Bitcoin and gold, now at +0.46, suggesting that Bitcoin is 'trading like gold, not like tech stocks.'