Bitcoin is on track for its third consecutive weekly gain, as investors seek a safe haven amidst heightened volatility across global equities, currencies, and bond markets.
The leading cryptocurrency rose 4.6% over the past week, reaching an overnight peak of $82,272.31. This represents its highest valuation since May 11, when it briefly peaked at $82,499.99, and was last changing hands at $81,151.10.
For much of the year, Bitcoin traded in a relatively narrow range between $60,000 and $70,000. However, the digital asset broke out of this consolidation phase in late August, embarking on a steady upward trajectory as the “debasement trade”—a strategy where investors shift capital away from fiat currencies into assets like cryptocurrency or gold—regained strong momentum.
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Bitcoin 5-day chart
“The price breakthrough occurred in late August, driven by the resurgence of the debasement trade which re-ignited investor appetite for BTC,” Dominika Nestarcova, executive director of digital assets at Goldman Sachs, noted in a Thursday report. “The U.S. Treasury’s announcement of increased purchases for longer-dated Treasuries led to falling long-term yields and a weakening dollar, subsequently lifting both Bitcoin and gold.”
The broader cryptocurrency market is also experiencing a rally. Ether reached a peak of $2,545.62 on Friday, its highest level since August 27. Meanwhile, Solana surged to as much as $105.70, marking its highest valuation since August 31.
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