Bitcoin crosses $80,000 for first time since mid-May, gains 28% in August
Bitcoin has surged past $80,000, marking its highest level since May, driven by a weakening US dollar and expectations of favorable policy shifts. The rally is further supported by US Treasury actions aimed at stabilizing the bond market, which has increased investor interest in alternative assets.
Why it matters
The rise in Bitcoin reflects broader macroeconomic shifts and investor hedging strategies against potential currency debasement and bond market volatility.
Bitcoin crossed $80,000 for the first time since mid-May on Tuesday, extending its recent rally as a weaker US dollar and expectations of a more supportive policy environment boosted demand for cryptocurrencies.The world’s largest cryptocurrency climbed as high as $81,237.94 in Asian trading, its strongest level since mid-May. It was last trading at $80,323.24.Bitcoin has gained about 16 per cent since US President Donald Trump last week urged Congress to pass legislation establishing clearer rules for the cryptocurrency industry. The rally has pushed its August gains to around 28%, putting it on course for its biggest monthly increase since November 2024.The latest advance came as investors reacted to moves by US Treasury Secretary Scott Bessent aimed at easing pressure in the bond market.
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