Bitcoin Surges to $81,237.94 as Weaker Dollar and Policy Shift Boost Demand

Bitcoin has surged to $81,237.94, its highest level since mid-May, as a weaker US dollar and expectations of a more supportive policy environment boost demand for cryptocurrencies.

The world's largest cryptocurrency crossed $80,000 for the first time since mid-May on Tuesday, driven by a combination of factors including a weaker dollar and moves by US Treasury Secretary Scott Bessent to ease pressure in the bond market.

The rally has pushed Bitcoin's August gains to around 28%, making it one of its biggest monthly increases since November 2024.

According to Geoff Kendrick, global head of digital assets research at Standard Chartered, 'the Treasury's move was exactly the type of thing bitcoin loves', as it creates a supportive macro backdrop for alternative assets such as Bitcoin and gold.