Bitcoin Surges Past $80k Amid Regulatory Tailwinds
Bitcoin's price surged to $81,282 on Thursday morning in New York, marking a nearly 3% increase over a 24-hour period. This rally is part of a larger trend that has seen the cryptocurrency jump by over 23% in the past 30 days.
The gains were driven by positive regulatory news and announcements from the U.S. Treasury Department regarding debt buybacks, which have boosted institutional buying and adoption. The price increase has also led to significant gains in crypto-related stocks and miners, with Bitcoin Treasury Strategy (MSTR) up over 13%, Coinbase's COIN up 11%, HIVE Digital up 13%, MARA Holdings up more than 10%, and CleanSpark jumping by 9%.
The U.S. Treasury Department's plan to more than double debt repurchases has hurt the dollar but benefited non-yielding assets like bitcoin and gold, leading investors to rush back into bitcoin exchange-traded funds (ETFs). The $2.8 billion inflows into these vehicles is the most since October, when the coin hit a new all-time high of $126,080.
Bitcoin's price is now nearly 40% below its record high of $126,080, set in October, but this rally shows that institutional investors are increasingly confident in the cryptocurrency's potential.