Bitcoin has broken out of its summer doldrums, rallying more than 10% over the past two days, in the wake of Treasury Secretary Scott Bessent’s intervention in the bond market and an upbeat White House crypto summit.
The digital currency rose as high as $71,507 this morning. Bitcoin hasn’t traded above the $70,000 level since early June.
Bessent’s plan to step up buybacks of long-dated U.S. government bonds pushed down borrowing costs, which tends to benefit risky assets like bitcoin.