Bitcoin crosses $80,000, hits highest level in more than three months

Bitcoin crossed $80,000 to hit a more than three-month high on Tuesday, according to Reuters. It was last at $80,323.24 during the Asian hours, having earlier touched $81,237.94, its highest ​level since mid-May. Bitcoin is up 28% so far in August, ⁠set for its biggest monthly gain since November 2024.

This comes as Treasury Secretary Scott Bessent’s attempt to calm the bond market, reviving momentum in the crypto sector. President Donald Trump last week called on Congress to pass a bill that would bring clearer definitions to the growing cryptocurrency sector. Since then, Bitcoin, which is the world’s largest cryptocurrency, has risen 16%.

Last week, the U.S. Treasury unveiled plans to buy back more long-dated bonds ​to help cap the gains in the long-end yields, in a move that affected the dollar and boosted cryptocurrencies. Tim Sun, senior researcher at HashKey Group, said Bessent’s ​messaging has reinforced the market’s view that, at least through the midterm elections, U.S. ​policymakers may have a lower tolerance for a further rise in long-end yields. Gold has also benefitted from the dollar’s weakness, reaching a three-month high.

READ: Trump presses Congress to pass stalled CLARITY Act on crypto (August 20, 2026)