Bitcoin Surpasses $80,000 for First Time Since May as US Policies Boost Crypto

For the first time in three months, Bitcoin has surpassed the $80,000 mark, reaching over $80,900 on Tuesday. This increase of approximately 25% in just a week indicates a potential recovery from a lengthy market downturn, spurred by a wider rally in alternative assets linked to Washington's attempts to control US bond yields. Allen Ding, director at Bitfire Research, part of the Hong Kong-listed Bitfire Group, which has ties to the Chinese crypto exchange Huobi (now HTX), remarked that this week's surge in Bitcoin's value suggests the onset of a bull market. Meanwhile, gold also hit a three-month peak of $4,698 per ounce, reflecting a 5.1% rise from the prior week, attributed to Washington's debt buy-back initiatives and supportive cryptocurrency policies.