[Bitcoin Now] Bitcoin Nears $80,000 Recovery... Is the Rally Set to Resume?

The price of Bitcoin is rapidly rising, on the verge of recovering the $80,000 mark. As U.S. long-term Treasury yields fall and the dollar weakens, buying interest in risk assets such as Bitcoin has increased. However, it is expected that for the rally to continue, new capital inflows—such as through Bitcoin exchange-traded funds (ETFs)—will be necessary, given that much of the recent surge has been driven by short position liquidations.

Yonhap News Agency

According to CoinMarketCap, a virtual asset market tracking site, as of 9 a.m. on August 24, Bitcoin was trading at $77,726.87, up 0.84% from 24 hours earlier. Leading altcoins (cryptocurrencies other than Bitcoin) such as Ethereum, Tether, and Ripple (XRP) were also up by 1% to 3%.

On August 16, Bitcoin was moving in the $60,000 range, but then surged quickly, climbing to as high as $79,000 during intraday trading on August 21. This marked the highest level since May. While some gains were given up afterward, Bitcoin has managed to hold in the $77,000 range.

Changes in the bond market have been identified as the backdrop for this Bitcoin rally. U.S. Treasury Secretary Scott Bessent announced plans to at least double the scale of long-term Treasury buybacks, resulting in a drop in long-term Treasury yields and a weakening of the dollar. Meanwhile, gold prices soared, which revitalized investor appetite for alternative assets like Bitcoin. This highlighted once again the 'debasement trade' strategy—an investment approach that seeks to preserve asset value against currency devaluation. The underlying logic is that as fiscal burden increases and financial conditions ease, the investment appeal of scarce assets such as Bitcoin and gold rises.