Bitcoin (CRYPTO: BTC) crossed the $80,000 threshold for the first time in more than three months, driven by optimism around cryptocurrency legislation and market reaction to Treasury buyback plans.

Start of a Bull Cycle?

Bitcoin is now up 25% in a week. The $80,000 level was last traded in mid-May.

Optimism about the CLARITY Act’s passage and President Donald Trump’s White House cryptocurrency summit helped drive cryptocurrency prices higher.

Macro momentum provided additional fuel after the Treasury said it would double its long-term bond buybacks, sending Treasury yields lower and boosting investor appetite for riskier assets.

Price Action: At the time of writing, BTC was trading at $80,675, up 4.21% in the last 24 hours, according to data from Benzinga Pro.

Photo: KateStock / Shutterstock

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