Bitcoin Surges Past $81,000 Amid Dollar Weakness

Bitcoin surged to over $81,000 for the first time since mid-May, fueled by optimism in the crypto market. The token rose as much as 2.9% to a three-month high on Tuesday in Asia, after rallying 23% in the seven days through Sunday.

The increase comes amid a confluence of bullish signals that forced the liquidation of billions in leveraged bets. Bitcoin was originally created as a way to escape fiat currency debasement and inflation driven by central bank money creation.

Lacie Zhang, a research analyst at Bitget Wallet, said: 'The macro backdrop turned more supportive after the Treasury's expanded long-dated buyback plan helped weaken the dollar and revive the 'debasement trade' across Bitcoin and gold.'

Spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week as the token surged, with $1.92 billion flowing into the 13 US-listed funds.