Bitcoin Surges 10.6% in Two Days, Tops $72,000 for First Time Since June

Forecast Trend Report by Period

Bitcoin Tops $72,000 for First Time Since June; XRP Jumps 15% in a Day

Treasury Buybacks, Lower Yields and Short Squeeze Fuel Crypto Rally

Bitcoin climbed above 100 million won, or about $72,300, for the first time in two months after surging more than 10% in two days. The rally was driven by lower U.S. Treasury yields after an expansion in long-dated Treasury buybacks, expectations for looser crypto regulation and a wave of forced short covering.

According to South Korean crypto exchange Upbit, Bitcoin traded at 100.591 million won, or about $72,700, as of 9 a.m. on Aug. 21, up 5.5% from 24 hours earlier. It was the first time Bitcoin had topped 100 million won since June 1, when it reached 104.14 million won. From 90.933 million won at 9 a.m. on Aug. 19, the token has gained 10.6% in two days.