Glassnode Says Bitcoin Jumped 21% After US Treasury Expanded Buybacks
Summary
- On-chain analytics firm Glassnode said Bitcoin has risen 21% since the US Treasury announced an expansion of its bond buyback program.
- The market sees concern over a decline in the dollar's value and expectations of liquidity provision as factors affecting Bitcoin demand.
- With limited supply, Bitcoin is highlighted as an asset that can hedge against a decline in currency value, while related policies are having a bigger effect on its price.
Forecast Trend Report by Period
Bitcoin has risen 21% since the US Treasury announced an expansion of its bond buyback program, according to Glassnode. The move underscores renewed interest in the token as a hedge against a weaker dollar.
On August 21, the on-chain analytics firm said Bitcoin was up 21% from the Treasury's buyback expansion announcement through now.
Glassnode attributed the gain to renewed market concern over a decline in the dollar's value. The view that expanded Treasury buybacks could inject liquidity and weaken the currency is influencing demand for Bitcoin.
Bitcoin's limited supply has long made it a candidate, alongside gold, for investors seeking protection against currency debasement. More recently, US fiscal policy and Treasury market-related measures have had a growing effect on the token's price.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.