Bitcoin Soars Past $80,000 on ETF Demand and Dollar Weakness

Bitcoin prices rose above $80,000 on August 19, marking a three-month high as softer U.S. dollar news boosted momentum in the crypto sector.

The cryptocurrency had increased by 16% since the prior week and was last trading at $80,300 after touching $81,200.

Analysts attribute the rally to two key factors: demand through U.S. spot Bitcoin exchange-traded funds (ETFs) and the unwinding of bearish positions as prices climbed.

This month, the U.S. Treasury doubled its support for longer-dated government bonds, increasing its buyback program from $2 billion to $4 billion.