Bitcoin continues to show strength above $77,000, even after giving back some of its recent gains, amid expectations of stability in the U.S. Treasury market.
According to CoinMarketCap, Bitcoin was trading at $77,592, up 0.77% from the previous day as of 8 a.m. on August 24.
The recent rise in Bitcoin's price has been influenced by a decline in long-term U.S. Treasury yields. The U.S. Treasury's decision to expand its buyback of long-term bonds led to a significant drop in yields, improving investor sentiment towards riskier assets. Typically, when Treasury yields fall, the relative attractiveness of risk assets increases, contributing to price gains in cryptocurrencies like Bitcoin.
Additionally, President Donald Trump has called for the advancement of the CLARITY Act, a proposed legislation aimed at structuring the cryptocurrency market, which is believed to have bolstered investor sentiment in the crypto space.
Major altcoins also experienced gains. Ethereum rose 1.68% to $2,453, while Solana increased by 1.95% to $95.53. Ripple (XRP) saw a 3.35% rise, reaching $1.51. The stablecoin Tether was up 0.02%, trading at $1.
Meanwhile, as of 8 a.m. on August 24, Bitcoin was trading at 10,626,900 won (approximately $76,617) on the domestic exchange Bithumb, reflecting a 0.41% increase from the previous day. The 'Kimchi Premium' was recorded at -1.129%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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