Bitcoin Surges Past $80,000 Amid US Treasury Bond Market Expectations

Bitcoin has surpassed $80,000 in value, reaching its highest price since May 15th, following strengthening buying in the cryptocurrency market. According to Binance data, the BTC/USDT pair exceeded the $80,000 mark during the day and is currently trading around $79,670.

The surge has also been reflected in other cryptocurrencies. Ethereum increased by 3.04% in the last 24 hours to $2,513, while Solana rose by 1.84% to $97.20. The total market capitalization of Bitcoin has reached $1.59 trillion, with a 24-hour trading volume of $46.85 billion.

The rally is attributed to expectations regarding the US Treasury bond market. A senior US Treasury official indicated that the Treasury could use approximately $1 trillion in funds from its Treasury General Account (TGA) to support the expansion of its recently announced bond repurchase program. This move would have a stronger impact, particularly on long-term bond yields.

However, the rise hasn't been limited to Bitcoin alone. In fact, it's part of a broader trend in the cryptocurrency market. Ethereum has risen by approximately 31.78% in the last seven days, while XRP has increased by 51.73%. This surge has put investors with short positions in the futures market in a difficult position, resulting in over $185 million worth of liquidations in the last four hours.