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Bitcoin rose above $80,000 on Tuesday for the first time since mid-May, extending its strongest weekly rally in more than two years.
Bitcoin (BTC) traded as high as $81,160.06, bringing its seven-day gain to about 25.8%,CoinGecko data shows.
The rally coincided with renewed demand through US spot Bitcoin exchange-traded funds (ETFs), which drew $1.92 billion in net inflows last week.
“This week’s strength has been led by fundamental spot demand and allocator flows through ETFs rather than by pure leverage, and rallies built on that base tend to be more durable than ones driven by crowded futures positioning,” Fabian Dori, chief investment officer at Sygnum Bank, told Cointelegraph.
On Wednesday, the US Treasury said it would at least double the maximum size of its long-end liquidity-support buybacks to $4 billion per operation. President Donald Trump also urged Congress to pass crypto market structure legislation at a White House event.
Bernstein analysts led by Gautam Chhugani described the Treasury decision as the “strong trigger” for Bitcoin’s rise, noting that the cryptocurrency has historically responded positively to liquidity expansion.
Source: cryptonews.net