Bitcoin Surges Above $80,000 Amid Dollar Weakness Concerns
Bitcoin has surged above $80,000 for the first time in over three months as concerns about the US dollar's strength and potential debasement of its value have boosted momentum in the cryptocurrency sector. The price of Bitcoin rose to $80,323.24 in Asian hours on Tuesday, having earlier touched a high of $81,237.94 since mid-May.
The rise comes after Treasury Secretary Scott Bessent's efforts to calm the bond market, as well as US President Donald Trump's call for clearer definitions in the growing cryptocurrency sector. This has led to a 16% increase in Bitcoin's value since last week.
Cryptocurrencies have also benefited from the US Treasury's plan to buy back long-dated bonds to help cap gains in long-end yields, which has put pressure on the dollar. Experts say this creates a supportive macro backdrop for assets like Bitcoin and gold.