Bitcoin rose above US$80,000 on August 24 for the first time since May 15, trading near US$80,820.

Lower US Treasury yields and about US$1.9 billion in inflows into US-listed spot bitcoin exchange-traded funds (ETFs) last week extended a broader crypto rebound.

The cryptocurrency is up about 38% from its late-June to early-July low below US$58,000.

The latest move came after the US Treasury planned to increase buybacks of long-dated government bonds through early November, funded by more short-term debt issuance.

The Treasury also said it could tap its nearly US$1 trillion General Account to help fund the buybacks.

Investors are also watching inflation data for clues on Federal Reserve policy.

The next focus is the Fed’s core Personal Consumption Expenditures (PCE) inflation reading, which could influence bond yields and the US dollar, and help determine whether the crypto rebound holds.

🔗 Source: CoinDesk