Bitcoin surpassed $81,000 for the first time since January, hitting $81,160 before retreating to around $79,000. The cryptocurrency surged 23% over the past week, driven by the U.S. Treasury’s announcement to at least double its liquidity-support buyback operations. This decision weakened the dollar while benefiting non-yielding assets like Bitcoin, reigniting debate over the return of the debasement trade, a strategy of buying non-printable assets to hedge against currency depreciation. U.S.-focused Bitcoin exchange-traded funds recorded their best week since October with nearly $2 billion in inflows. Bitcoin had reached a record of $126,080 in October before the largest liquidation event in crypto history.
Source: Read the original article
