Bitcoin Surges Past $70,000 as Treasury Yields Tumble
Bitcoin's price surged over 11% on Thursday to top $70,000 for the first time in more than two months. The world's largest cryptocurrency climbed to around $71,700 as of 0900GMT, its highest level since June 1.
The rally was driven by falling US Treasury yields and renewed optimism over cryptocurrency regulation. Lower bond yields tend to support cryptocurrencies and other risk assets by reducing the appeal of interest-bearing investments, while a weaker dollar makes dollar-denominated assets more attractive to overseas investors.
Ethereum, the second-largest cryptocurrency, rose 18.6% to around $2,270, while the broader crypto market climbed 10.23% to $2.42 trillion. Bitcoin's market capitalization rose 11.1% over the past 24 hours to $1.43 trillion.