The cryptocurrency market experienced a significant rise as expectations of stability in the U.S. Treasury market coincided with hopes for regulatory easing in the digital asset sector.
As of 8 a.m. on August 21, Bitcoin was trading at $72,633, reflecting a 5.03% increase from the previous day, according to global cryptocurrency data site CoinMarketCap.
Ethereum also saw a price increase of 2.92%, reaching $2,313. Binance Coin (BNB) and Solana rose by 4.29% and 1.96%, respectively, trading at $654 and $87. Ripple (XRP) surged 14.17% to $1.25.
This upward trend is attributed to the U.S. Treasury's decision to expand the scale of long-term Treasury buybacks, which led to a significant drop in long-term interest rates. This development has fostered expectations of improved liquidity conditions in the financial markets. The decline in Treasury yields has positively influenced investor sentiment towards risk assets like Bitcoin.
Additionally, favorable policy expectations for digital assets contributed to the market's rise. U.S. President Donald Trump recently urged Congress to pass the 'Clarity Act,' which aims to clarify the regulatory framework for the cryptocurrency market. This has led to optimism that regulatory uncertainty surrounding digital assets in the U.S. may be alleviated.
As of 8 a.m. on August 21, Bitcoin was trading at approximately 100,296,000 won ($72,688) on the domestic exchange Bithumb, marking a 1.59% increase from the previous day. The 'Kimchi Premium' stood at -0.989%, indicating that the price of Bitcoin traded domestically is lower than that in international markets.
* This article has been translated by AI.
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