Bitcoin roars past US$70,000 as yields sink, Trump sparks optimism

[LONDON] Bitcoin surpassed US$70,000 for the first time in over two months, propelled by US Treasury Secretary Scott Bessent’s successful move to push US bond yields lower and a high-stakes meeting President Donald Trump held with industry leaders.

Bitcoin rose more than 3 per cent to over US$71,500, its highest level since June 1. Other digital assets were also up for the day. A token associated with offshore exchange Hyperliquid climbed 23 per cent in 24 hours, according to CoinGecko data, after Trump indicated the US is looking at options for allowing the derivatives platform to operate in the country.

The crypto market rose along with risk assets following US plans to buy back longer-dated treasuries, which sent yields tumbling and the dollar to a three-month low.

“When yields drop and the dollar weakens, risk assets tend to rally, and we’ve already seen Bitcoin move higher on the news,” said Jeff Mei, chief operating officer at BTSE.

Thursday’s move builds on Bitcoin’s 7 per cent surge yesterday that wiped out US$2.7 billion in cryptocurrency short positions in 24 hours, according to CoinGlass data.

Positive sentiment returned to the crypto market on Wednesday after Trump met with crypto executives from firms including Coinbase Global Payward and Blockchain.com Group Holdings. The move helped revive optimism around the Clarity Act, a crypto market structure Bill that failed to make it to a vote before the Senate’s August recess. BLOOMBERG