By Anjali Sharma
WASHINGTON – Bitcoin on Tuesday surged the $80,000 mark for the first time since mid-May, extended a sharp August rally as a weaker US dollar and expectations of a more supportive policy environment boosted demand for digital assets.
The world’s largest cryptocurrency climbed to an intraday high of $81,237.94 during Asian trading, its strongest level since mid-May. Bitcoin was last trading around $80,323.24.
The latest move takes Bitcoin’s gains to roughly 28%, putting it on track for its strongest monthly performance since November 2024.
The cryptocurrency has gained about 16% since US President Donald Trump last week called on Congress to advance legislation aimed at creating clearer regulatory rules for the crypto industry.
Bitcoin’s latest rally has also been linked to developments in the US bond market.
US Treasury announced plans to buy back more long-term government bonds, a move aimed at easing pressure in the long-end of the Treasury market and containing further increases in long-term yields.
The announcement contributed to weakness in the US dollar, encouraging investors to seek alternative assets such as Bitcoin and gold. Gold, meanwhile, rose to a three-month high.
