Bitcoin Tops $80,000 as the Treasury Secretary Weakens the Dollar

After a months-long slump, bitcoin appears to be on the rise again and it’s thanks in part to President Donald Trump and his crypto-friendly admisntration.

Bitcoin climbed above $81,000 in early trading Tuesday, reaching its highest level since May, according to Reuters. Its price has since slipped back to around $79,000.

That’s still well below bitcoin’s record high of roughly $126,000 set last October. But things appear to be turning around for the cryptocurrency and fast. Bitcoin rallied more than 20% over three days last week, its biggest three-day gain since 2023, CNBC reports. It’s now up 23% so far in August.

The rally comes after a pair of conveniently timed moves by the Trump administration.

First, Treasury Secretary Scott Bessent announced last week that the government would significantly increase its buybacks of long-dated Treasury bonds, The department will at least double the maximum size of certain buyback operations to $4 billion, starting in September.

The news could increase bond prices while pushing down long-term bond yields, which is important because high treasury yields can have major impacts accross the economy like higher mortgage rates and other borrowing costs.