Bitcoin rose above $80,000 today, reaching a more than three-month high. The growth of the cryptocurrency industry was triggered by actions by U.S. Treasury Secretary Scott Bessant aimed at stabilizing bond markets and weakening the U.S. dollar.
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Last week, U.S. President Donald Trump called on Congress to pass a bill that would bring clearer definitions to the cryptocurrency space — and Bitcoin’s price has risen 16% since then. It rose to $81,237.94, its highest level since May. The largest cryptocurrency has gained 28% since early August, its biggest monthly gain since November 2024. One growth factor for the cryptocurrency industry is the U.S. Treasury Department’s announcement of plans to purchase additional long-term bonds. Along with Bitcoin, gold prices also rose to a three-month high.
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Analysts say Bitcoin has traditionally responded well to such events; it allows investors to protect themselves from interference from U.S. authorities. Following the U.S. Treasury Department’s actions, investors shifted sharply toward physical and digital assets. Bitcoin prices now have the potential to rise to $95,000 and even reach the psychological barrier of $100,000.
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