Bitcoin price rose above USD 80,000 on Tuesday, August 25, reaching its highest level since mid-May as US dollar weakness revived demand for cryptocurrencies.
Bitcoin traded at USD 80,323.24 during Asian hours after touching USD 81,237.94 earlier, according to Reuters data on August 25.
The cryptocurrency has gained 28% so far in August. Reuters said that puts Bitcoin on course for its strongest monthly advance since November 2024.
The rally also followed US Treasury plans to increase purchases of longer-dated government bonds. The measures eased pressure on bond yields but weighed on the dollar, according to the report.
HashKey Group senior researcher Tim Sun said Treasury Secretary Scott Bessent’s messaging had created a more supportive macroeconomic backdrop for assets such as Bitcoin and gold.
Read: Bitcoin Price Rally Lifts Crypto Stocks After Treasury Move
Bitcoin has also risen 16% since US President Donald Trump called on Congress last week to pass legislation providing clearer definitions for the cryptocurrency sector, Reuters reported.
Standard Chartered global head of digital assets research Geoff Kendrick said the Treasury action reinforced demand for assets designed as alternatives to traditional currencies.
Read: Trump Economic Pressure Intensifies on Iran and Canada
IG market analyst Tony Sycamore said renewed concerns about currency debasement had encouraged demand for physical and digital assets.
Sycamore said a sustained break above current levels could open a path toward USD 95,000 to USD 100,000. That range represents an analyst projection, not a confirmed future price.
