Bitcoin surges past US$80,000 as investors hedge against dollar weakness

Key facts

• The world’s largest cryptocurrency was trading at US$80,323.24 during Asian hours after touching US$81,237.94, its highest level since mid-May
• The move followed a sharp sell-off in the Treasury market that pushed the 30-year bond yield to 5.34%, its highest level since 2007
• Reuters reported that Bitcoin had risen 16% since Trump made those comments, adding a regulatory catalyst to the broader market forces supporting digital assets.
• US Treasury Secretary Scott Bessent announced that the department would increase selected buyback operations for government securities with maturities of between 10 and 30 years from US$2 billion to at least US$4 billion per transaction.
• Meanwhile, the yield on benchmark 10-year Treasury notes climbed back to about 4.71%, showing that the expanded buyback plan had provided only limited relief to the bond market.
• Tony Sycamore, a market analyst at IG, said a sustained move beyond the current level could open the way for Bitcoin to approach US$95,000–US$100,000