Trump's Hints Lift Bitcoin Above $70,000 for First Time Since June

Bitcoin's price has surpassed $70,000 for the first time since June 2 after President Donald Trump hinted at a 'sizable' government Bitcoin purchase. The Fed's July minutes showed no hawkish push, and September hike odds slipped to 34%. Falling yields and a quiet Fed contributed to the rally.

The Treasury announced it will double its long-end debt buybacks to at least $4 billion per operation, which favors assets that pay no income. Trump tied the idea of buying Bitcoin directly to the dollar, saying 'It's been talked about. It's been very, very good for the dollar. If you came in with recommendations, I would certainly listen.'

The remarks are significant because Trump created a Strategic Bitcoin Reserve in March 2025 using seized coins rather than open-market buying. A sizable purchase from the government would be a first.