Bitcoin Tops $70,000, Hitting $71,500 as Lower Yields and Trump Crypto Push Lift Risk Assets
Updated
Updated · Yahoo Finance · Aug 20
Bitcoin Tops $70,000, Hitting $71,500 as Lower Yields and Trump Crypto Push Lift Risk Assets
3 articles · Updated · Yahoo Finance · Aug 20
Summary
Bitcoin climbed more than 3% above $71,500, its highest since June 1, crossing $70,000 for the first time in over two months.
US plans to buy back longer-dated Treasuries drove yields sharply lower and pushed the dollar to a three-month low, boosting demand for risk assets including cryptocurrencies.
Trump's meeting with executives from Coinbase, Payward and Blockchain.com also revived optimism around the stalled Clarity Act, adding to the market's rebound.
That rally built on Wednesday's 7% Bitcoin jump, which erased $2.7 billion in crypto short positions, while Hyperliquid's token surged 23% after Trump signaled openness to US operations.