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Bitcoin rose above $80,000 to hit a more than three-month high on Tuesday as a soft US dollar, in the wake of the moves by Treasury Secretary Scott Bessent to calm the bond market, revived momentum in the crypto sector.
US President Donald Trump last week called on Congress to pass a bill that would bring clearer definitions to the growing cryptocurrency sector. Since then, bitcoin, the world’s largest cryptocurrency, has risen 16 per cent.
It was last at $80,323.24 in Asian hours, having earlier touched $81,237.94, its highest level since mid-May. Bitcoin is up 28pc so far in August, set for its biggest monthly gain since November 2024.
Cryptocurrencies also got a big boost after the US Treasury last week unveiled plans to buy back more long-dated bonds to help cap the gains in the long-end yields, a move that has led to the US dollar bearing the brunt of investor angst.
