Summary
- Bitcoin continued its strong rally, reclaiming the $80,000 level for the first time since May.
- Bitcoin's strength spread to the altcoin market, lifting Ether (ETH), XRP and Solana (SOL) alongside it.
- The recent rise in digital assets was driven by inflows into risk assets amid liquidity expectations tied to the U.S. Treasury's expanded buybacks of long-term bonds, as well as declines in Treasury yields and the dollar.
Forecast Trend Report by Period
Bitcoin extended its rally, reclaiming the $80,000 level for the first time since May.
As of 11:21 a.m. Korea time on August 25, Bitcoin was trading at $80,864.39 on Binance's USDT market, up 4.31% from a day earlier. It has surged 29% over the past week. On Upbit's won market, Bitcoin changed hands at 110.841 million won, up 2.13% from the previous day.
Bitcoin's strength also spread to the altcoin market. Ether traded at $2,513.52 on Binance's USDT market, up 2.77% on the day, while XRP rose 2.86% to $1.52. Solana posted a sharper gain, climbing 7.4% to $101.57 and moving back above $100 for the first time in about six months.
The recent rally in digital assets appears to have been supported by expectations for greater liquidity stemming from expanded U.S. Treasury buybacks of long-term government bonds. As the Treasury increased purchases of longer-dated debt, Treasury yields and the dollar fell, helping drive demand for risk assets including Bitcoin.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.