Bitcoin Surges Past $80,000 Amid US Treasury Buybacks
Bitcoin surged past $80,000 on Tuesday for the first time in three months, marking a 28% gain so far this August. The rise is linked to the U.S. Treasury's bond buyback program and former President Trump's call for Congress to pass the 'Clarity Act' on crypto regulation.
Analysts believe that depreciation trades are driving Bitcoin's rally, but some argue that market demand may not be sustainable. Meanwhile, other assets like Gold are also rallying alongside Bitcoin, with both experiencing a rotation towards assets outside the sovereign liability structure.