Bitcoin just crossed $80,000 for the first time since May. We broke our fees by 85%. Code SURGE85.
Bitcoin crosses $80,000 as the rally refuses to quit
A week ago, Bitcoin was trading in the low $60,000s. Today it crossed $80,000 for the first time since May, up nearly 5% in the past 24 hours and roughly 22% over the week.
The move has three engines running at once. Spot Bitcoin ETFs just logged their seventh straight day of inflows, with $337.56 million coming in on Monday alone. The US Treasury expanded its long-term bond buyback program, adding liquidity to markets broadly. And the short squeeze that started the rally hasn't let up, with each round of forced liquidations pushing the price higher and triggering the next.
CoinShares' James Butterfill called it a macro story, not a crypto one, pointing to softer inflation data and weaker payrolls as reasons the Fed has less room to tighten. That reading gets tested this week at the Fed's Jackson Hole summit.
Not everyone's convinced this turns into a bull market. Analysts flag that sticky inflation and geopolitical uncertainty still complicate the picture, and prediction markets currently price just a 1% chance Bitcoin hits $100,000 before the end of August.
Bitcoin holding above $80,000 after a 22% weekly run is the kind of move that gets noticed.
Whichever way it breaks from here, this is one of the sharpest recoveries Bitcoin has posted this year.
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This update is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile. Always conduct your own research before making any decisions.
