Bitcoin Surges 28% in 8 Days, Wipes Out Three Months of Losses

Bitcoin's summer has turned out to be an exciting one for investors. In just eight days, the price of Bitcoin (BTC) has skyrocketed by 28%, adding around $350 billion to its total market cap. This remarkable growth has wiped out three months of losses in a matter of weeks.

The catalysts behind this surge are multifaceted. Last week's announcement by the US Treasury to double the maximum size of its long-term bond buyback operations from $2 billion to $4 billion per session has been a key factor. This move aims to inject liquidity, stabilize falling bond prices, and reduce soaring borrowing costs for consumers and businesses.

According to Bianco Research president Jim Bianco, 'Why it's happening is because we're not dealing with inflation and we're talking about being stimulative and those are the assets that would benefit from it.' This sentiment has emboldened bitcoin bulls, leading to higher digital asset prices.

The recent White House meeting between President Trump and top digital asset players at Coinbase and Robinhood has also contributed to the positive sentiment around Bitcoin. During the meeting, Trump called on Congress to pass a 'fair version' of the Clarity Act and declared that America will remain the 'undisputed leader' in bitcoin and crypto.