Bitcoin Surges Past $80,000 as Dollar Weakens
Bitcoin has broken through the $80,000 barrier for the first time since mid-May, driven by a weaker US dollar and expectations of a more supportive policy environment.
The world's largest cryptocurrency reached as high as $81,237.94 in Asian trading, its strongest level since May 15th. It was last trading at $80,323.24.
Since US President Donald Trump urged Congress to pass legislation establishing clearer rules for the cryptocurrency industry, Bitcoin has gained about 16%.
This rally has pushed its August gains to around 28%, on track to be its biggest monthly increase since November 2024.
The latest advance came as investors reacted to moves by US Treasury Secretary Scott Bessent aimed at easing pressure in the bond market. The Treasury announced plans to buy back more long-dated US government bonds, weighing on the dollar and driving investors towards alternative assets, including Bitcoin and gold.