Bitcoin Soars Past $80,000 as Dollar Weakens

Bitcoin has broken through the US$80,000 barrier for the first time since May 15, according to various reports. The token rose roughly 23 percent over the past seven days and pulled out of a slump that began in October.

The greenback fell around 1 percent against a basket of currencies after the US Treasury announced it would at least double its purchases of long-dated government debt, nudging 30-year yields lower while weakening the dollar.

US spot bitcoin ETFs drew net inflows of US$1.92 billion last week, their strongest weekly haul since early October, according to Bloomberg data.