Bitcoin surges toward $80,000 after Treasury bond buyback and White House push
Investor's Business Daily reported that Bitcoin surged sharply, approaching $80,000, after reports that the U. S. Treasury may use its general account to purchase long-term Treasury securities, a move likened to quantitative easing, and that a related investment strategy attracted $2 billion. On 20 August, the Treasury announced an expanded long-term bond buyback program, prompting Bitcoin to climb more than 18% to above $77,600, according to Yahoo Finance.
Euronews later noted that the cryptocurrency rose above $79,000, gaining more than a quarter in value as short positions were covered and Treasury bond purchases increased. AP News said both Bitcoin and gold rose sharply after the Treasury doubled its long-term debt purchases and President Donald Trump urged swift crypto legislation. Fortune observed that Bitcoin rose about 25% to around $78,200 while the Hyperliquid platform recorded record trading volume, diverting activity from spot Bitcoin. CNBC reported that Bitcoin rose above $72,000, its highest level since early June, amid a coordinated effort by the White House and leading crypto firms to advance the Clarity Act.
