Bitcoin Soars Past $80k as Dollar Weakness Fuels Crypto Rally

Bitcoin has rallied to an over three-month high of $81,220.4 as growing uncertainty over U.S. fiscal health weighs on the dollar and spurs flows into cryptocurrencies.

The cryptocurrency rose 4.7% to $80,760.8 by 01:57 ET (05:57 GMT), marking its eighth gain in nine sessions.

Bitcoin's rebound has been driven chiefly by growing anxiety over U.S. fiscal health and the long-term outlook for the dollar, which was triggered by the Treasury's plans to double its bond buybacks last week.

This move sparked concerns that the dollar may bear the brunt of the Treasury's intervention in bond markets, fuelling a weaker USD and higher breakevens.