Bitcoin Surges Past $68,000 as Treasury Buys Fuel Rally
Bitcoin has surged past $68,000 and is nearing the $80,000 threshold after Treasury Secretary Scott Bessent announced plans to double long-term Treasury purchases. The move was seen as a response to a swelling fiscal deficit and rising interest costs.
According to reports, Bitcoin rose 6.16 percent from the previous day to $68,610 on the 20th, lifting its market capitalization share to 58.84 percent. The SEC proposed rules dubbed 'Regulation Cryptoasset' that include exemptions for startup fundraising, which was seen as a positive factor.
The White House summit on the 19th also contributed to the rally, with President Donald Trump meeting chief executives of major firms including Coinbase and Ripple. Trump said 'the headwinds that blew through the crypto industry are over', urging a review of large-scale Bitcoin purchases and passage of the Clarity Act.
However, some caution that a downtrend remains in place on a 90-day basis, and XRP must hold support at $1.10 to $1.15 before the bear market can be seen as truly over. Analysts are divided on whether the rally marks the start of a debt-driven liquidity market or a temporary rebound.