Bitcoin rallied to a three-month high after U.S. Treasury bond buybacks stoked concerns over dollar debasement and fiscal policy.
Bitcoin climbed 4.7% to $80,760.8, briefly reaching $81,220.4, its highest level in over three months. The surge marks eight gains in nine sessions, driven by short-covering and renewed investor interest in cryptocurrencies.
The rally follows the U.S. Treasury’s plan to double bond buybacks, raising fears of dollar debasement. Investors shifted focus from rising yields to potential currency weakness, fueling demand for Bitcoin and gold.
Market reaction reflected broader concerns over fiscal policy and Federal Reserve independence, with traders adjusting positions amid heightened uncertainty.