Its biggest gains came immediately after Treasury Secretary Scott Bessent doubled the government’s bond market buybacks.
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Bitcoin is up almost 30 percent in a month and almost all of that can be tied back to the U.S. Treasury.
Since the start of August, its price has
Since the start of August, its price has climbed from about $63,000 to over $81,000. But its best three days came on August 19, 20 and 21, immediately after Treasury Secretary Scott Bessent doubled the government’s bond market buybacks to at least $4 billion per operation.
Bitcoin gained more than 5.4 percent a day for three days to secure a 21 percent gain in 72 hours.
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Bitcoin saw its latest 5 percent day again on Thursday, its fourth in the last month.
What’s interesting, too, is that bitcoin remained flat
What’s interesting, too, is that bitcoin remained flat on August 18 when the SEC proposed a pro-crypto framework that traders ordinarily would have celebrated. The market ignored industry-specific policy then went gangbusters on Treasury plumbing.
Notably, bitcoin dropped 3 percent for its worst day of the month on August 28, when Federal Reserve Chairman Kevin Warsh reiterated his focus on inflation at Jackson Hole.
Source: www.inc.com
