1 week ago

Bitcoin Surpasses $70,000 as Falling Yields, Trump Meeting Lift Optimism

Bitcoin climbed above $70,000 after several events made investors more hopeful.

Lower US bond yields and a weaker dollar helped risky investments become more attractive.

President Donald Trump also met with leaders from major crypto companies.

He encouraged the Senate to pass a proposed crypto market-structure law called the Clarity Act.

Investors are watching to see whether the law returns when the Senate reconvenes in September.

Large Bitcoin holders and investment funds bought more Bitcoin this week.

These purchases helped push Bitcoin and other cryptocurrencies higher.

However, Bitcoin is still recovering from a much higher price reached in October.

Key facts

Bitcoin price: Bitcoin rose about 4.1% to above $71,900, reaching its highest level since May 31.
US Treasury market: US plans to buy back longer-dated Treasury bonds initially sent yields lower and the dollar to a three-month low.
Crypto liquidations: More than $3 billion in cryptocurrency short positions were liquidated over the previous 24 hours.
ETF flows: The 13 US-listed spot Bitcoin ETFs gained more than $1 billion from Monday through Wednesday.
Bitcoin whale purchases: Large Bitcoin holders added roughly $2.75 billion worth of Bitcoin over 60 days.
Other cryptocurrencies: Ether rose as much as 5.3%, Solana gained about 5%, and XRP increased more than 5.5%.
Clarity Act: The crypto market-structure bill did not reach a Senate vote before the August recess and is expected to be considered again in mid-September.

livemint.com · 1 week ago