Bitcoin tops US$80,000 on debasement trade, sets three-month high
Bitcoin has surged past $80,000, driven by a 'debasement trade' sentiment following U.S. Treasury bond repurchase plans. Increased inflows into spot Bitcoin ETFs and optimism regarding the Trump administration's crypto policy have further fueled the rally.
Why it matters
Bitcoin's price action reflects broader investor concerns about fiat currency inflation and shifting regulatory environments in the U.S.
BITCOIN climbed above $80,000 for the first time since mid-May, as optimism returns to the long-beaten-down crypto market amid a confluence of bullish signals that forced the liquidation of billions in leveraged bets.
The original cryptocurrency rose as much as 2.9% to $81,257 Tuesday in Asia, a level last seen on May 15. The increase comes after Bitcoin rallied 23% in the seven days through Sunday, the biggest weekly jump in about three years. Still, the token remains well below its peak of about $126,000 reached in October.
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