Live updates: Bitcoin ETFs draw a seventh straight day of inflows as the rally holds above $80,000

Bitcoin rose above $80,000 to hit a more than three-month high. According to The Business Times - Companies & Markets, it was last at $80,323.24 in Asian hours, having earlier touched $81,237.94. This represents a 16% rise since US President Donald Trump called on Congress to pass a bill that would bring clearer definitions to the growing cryptocurrency sector last week. Bitcoin is up 28% so far in August.

The cryptocurrency sector received a boost after the US Treasury unveiled plans to buy back more long-dated bonds to help cap the gains in the long-end yields. This move led to the US dollar bearing the brunt of investor angst, creating a relatively supportive macro backdrop for assets such as bitcoin and gold, according to Tim Sun, senior researcher at HashKey Group.

Spot bitcoin funds took in $337.56 million on August 24, extending an unbroken run of inflows that has now put real money behind a rally that started with a short squeeze, according to CoinDesk. Analysts, as reported by The Block, say it's still too early to tell if this will translate into a bull market, given sticky inflation and geopolitical uncertainty.

Brief written by urgent.news from CoinDesk, The Block, The Business Times - Companies & Markets, New Straits Times, Business Recorder — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.