Bitcoin Surges 40% in Its Best Quarter Since Late 2024
By Mathew Di Salvo
AI summary of the source article
Bitcoin has recorded a 40% gain over the past quarter, marking its best quarterly performance since late 2024 and trading at nearly $83,698. The price rose nearly 30% following an August 19 announcement that the U.S. Treasury planned to more than double debt repurchases to lower bond yields. Despite yields remaining elevated, investors have embraced the debasement trade as total U.S. debt surpassed $40 trillion and the dollar slipped. CryptoQuant stated Bitcoin returned to a bull market after crossing its 365-day moving average, shrugging off Federal Reserve rate hikes and stalled legislation.
Why it matters
Lower long-term yields and currency debasement reduce the opportunity cost of holding non-yielding assets like Bitcoin, maintaining risk-on sentiment despite broader regulatory and monetary pressures.
Key facts
- Bitcoin gained 40% over the quarter, trading at nearly $83,698.
- The price jumped nearly 30% after the U.S. Treasury announced plans to more than double debt repurchases.
- CryptoQuant reported Bitcoin crossed above its 365-day moving average, signaling a bull market.