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Bitcoin tops $80K as Hayes calls bull market
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Bitcoin tops $80K as Hayes calls bull market

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  • Bitcoin (CRYPTO:BTC) rose above $80,000 after US Treasury buyback plans expanded.
  • Treasury will raise long-term buyback limits from $2 billion to at least $4 billion.
  • Arthur Hayes said the move could increase dollar liquidity, but Treasury rejects that framing.

Bitcoin (CRYPTO:BTC) rose above $80,000 as Arthur Hayes said expanded Treasury buybacks marked a new bull market.

The Treasury will raise certain long-term buyback limits from $2 billion to at least $4 billion.

The larger buyback limits will apply from 9 September to 4 November, according to the Treasury schedule.

Bitcoin climbed from below $65,000 before the announcement to above $80,000 on 25 August, with an intraday high above $81,000.

Hayes argued that Treasury purchases could increase dollar liquidity and make risk assets more attractive, while Treasury said the programme supports market liquidity rather than monetary stimulus.

The Treasury authorised up to $38 billion of liquidity-support purchases during the quarter, while Hayes said Maelstrom had moved to maximum risk exposure.

At the time of reporting, Bitcoin price was $80,588.22.

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