Bitcoin Surges Past $80,000 as Robinhood Shares Soar on Repurchase Announcement
Bitcoin has regained the $80,000 level for the first time since May 15, rising by as much as 2.5% to a high of $80,908.
This development comes on the same day that Robinhood's shares have surged over 4%, reaching $108.265.
The surge in Bitcoin and Robinhood's stock price has been attributed to various market factors, including the U.S. Treasury Secretary Scott Bessent's announcement last week to increase repurchases of long-term Treasury bonds.
This move is seen as an attempt to suppress long-end yields and has triggered a new wave of U.S. dollar selling.
The increased demand for Bitcoin, which was created to avoid the risks of fiat currency depreciation and inflation caused by excessive money printing by central banks, may be linked to market discussions on the 'devaluation trade.'