Bitcoin has just wiped out three months of losses in 1 week

Bitcoin (BTC-USD) is having a summer end to remember.

The price of bitcoin broke through $80,000 early Tuesday for the first time in 15 weeks. In the last eight days, bitcoin is up 28% — adding about $350 billion in total market cap.

Bitcoin has now wiped out three months of losses in roughly a week.

In the process, Yahoo AlphaSpace data shows big-time gains for crypto-linked stocks. Michael Saylor's Strategy (MSTR) shares are up 36% in the past month, Circle (CRCL) has gained 43%, Coinbase (COIN) is up 16% and Robinhood (HOOD) has tacked on 12%.

The catalysts for bitcoin prices have been front and center the past two weeks.

The US Treasury surprised financial markets last week by announcing it will double the maximum size of its long-term bond buyback operations from $2 billion to $4 billion per session. This intervention directly targets the 10-year, 20-year, and 30-year Treasury sectors after benchmark yields spiked to 20-year highs due to nagging inflation and war-driven energy price pressures.

Treasury Secretary Scott Bessent said he has a "big toolkit" to continue addressing the rise in bond yields.

By stepping into the secondary market to purchase debt, the Treasury aims to inject liquidity, stabilize falling bond prices, and pull down soaring borrowing costs for consumers and businesses.