Bitcoin's Comeback Tops $80,000 as ETF Money Returns

Bitcoin's price has been on the rise since hitting its lowest point in late June at $58,000. After plummeting to a 21-month low, it recovered and is now hovering around $80,000, a gain of approximately 37% over two months.

This recovery is being driven by three key factors: the June low was deep enough to bring buyers back, ETF money started returning in August, and bond yields eased through the month, loosening financial conditions for risk assets.

However, not all news is good. The August US jobs report showed a strong labour market, but this means that interest rates are likely to remain high, which could negatively impact crypto markets.