The price of bitcoin has surged — mostly since the Treasury announced its debt buyback program — putting it on course for one of its best quarters ever. Bitcoin is having one of its best quarters ever — another indication that the biggest cryptocurrency is in a bull market. S.
Treasury announced it planned to more than double the size of its government debt repurchases. Over the past quarter, the bitcoin price has surged by 40% — its best quarterly performance since Q4 2024. Bitcoin’s price recently stood at nearly $83,698, unmoved over a 24-hour period but up 6% over a 30-day period.
The coin has benefited from news that the Treasury would try to lower bond yields — which have soared to highs not seen since the 2000s. Bitcoin has done well with lower long-term yields because it reduces the opportunity cost of holding non-yielding assets like bitcoin and gold, and generally supports risk-on sentiment. But despite the Treasury stepping in to try and tame the bond market, yields have continued to stay high.
Bitcoin investors don’t seem that bothered. The asset is still doing well as the dollar continues to slip. S.
debt topped $40 trillion for the first time in July. The price of Bitcoin had been battered since notching a new all-time high of $126,080 in October, dropping by over 50%. Still, it has experienced the shallowest bear market — so far — in its history.
CryptoQuant said in a report last week that bitcoin was back in a bull market after crossing above its 365-day moving average — the “definitive technical signal” that has marked the start of Bitcoin’s bull markets in past cycles. The coin has shrugged off the Federal Reserve raising interest rates and lawmakers blockage of landmark crypto legislation, the Clarity Act.
