Bitcoin Surges Past $80,000 as Debasement Trade Revives

Bitcoin's price has surged above $80,000 for the first time since May, marking a significant return to optimism in the crypto market.

The original cryptocurrency rose as much as 3% to $81,257 before erasing gains and trading at around $78,800 in New York.

Several bullish signals have contributed to this price increase, including liquidations of billions in leveraged bets.

The 'debasement trade' has also seen a revival, driven by the US Treasury's announcement that it will step up bond repurchases to lower long-term yields.