Bitcoin Surges Past $80,000 Amid Treasury Buyback and Crypto Sector Reforms

Bitcoin has reached a three-month high after surpassing $80,000 in value on Tuesday. According to Reuters, the cryptocurrency was last trading at $80,323.24 during Asian hours, having earlier touched $81,237.94.

This marks Bitcoin's highest level since mid-May and comes amidst rising demand for cryptocurrencies. The U.S. Treasury's announcement to buy back long-dated bonds has boosted the sector, with Treasury Secretary Scott Bessent's messaging reinforcing market views that policymakers may have a lower tolerance for further rises in long-end yields.

Gold has also benefited from the dollar's weakness, reaching a three-month high as investors scramble into physical and digital assets. Some analysts believe a sustained break above $80,000 could open the door to a move towards $95,000-$100,000.