At a Glance
Bitcoin climbed above $70,000 for the first time in more than two months.
Falling Treasury yields and a weaker dollar lifted risk assets.
Trump’s meeting with crypto executives revived hopes for the Clarity Act.
Bitcoin surged as lower US bond yields and renewed optimism around crypto policy gave traders fresh reasons to take on risk.
Bitcoin is back above $70,000, reaching its highest level since June 1 as falling Treasury yields and improving sentiment around US crypto policy fueled a broad market rally.
The move adds to Bitcoin’s 7% jump on Wednesday, when the rally helped wipe out $2.7 billion in crypto short positions, according to CoinGlass.
KEY DETAILS
Bitcoin rose more than 3% to above $71,500. Other digital assets followed, with a token linked to offshore exchange Hyperliquid gaining 23% in 24 hours, according to CoinGecko.
US plans to buy back longer-dated Treasuries pushed bond yields lower and sent the dollar to a three-month low.
“When yields drop and the dollar weakens, risk assets tend to rally,” said Jeff Mei, chief operating officer at BTSE.
MARKET REACTION
Crypto stocks also jumped, with Coinbase rising 9.55%, while Bitcoin gained 11.48% in the latest market data.
Trump’s meeting with executives from Coinbase, Payward and Blockchain.com also lifted hopes for the Clarity Act, a crypto market structure bill that failed to reach a Senate vote before the August recess.
Traders will be watching whether Bitcoin can hold above $70,000 as markets assess the next moves in US bond yields, the dollar and crypto regulation.
Every headline is an opportunity — don't watch it from the sidelines. Trade it live on TradeQuo.
Source: Yahoo Finance
Time: 11:00 AM EEST
