Bitcoin nears $80,000 on CLARITY Act hopes and $4B-plus squeeze
bitcoin just had a wild week, shooting up 27%, from $62,650 on August 16 to almost $80,000 by August 27.
This rally comes as investors get excited about the proposed CLARITY Act (which could bring friendlier US crypto rules) and a massive more than $4 billion short squeeze that caught bearish traders off guard.
At the same time, more people are eyeing bitcoin because of growing concerns over the US dollar's stability.
US Treasury buybacks boost bitcoin appeal
The US Treasury is doubling its bond buybacks to boost liquidity (even with federal debt topping more than $40 trillion) and signaling it might tap into a $1 trillion General Account for more purchases.
Plus, new sanctions on Iran show just how much control the US has thanks to the US dollar's dominance.
All this is making bitcoin look pretty appealing to those who want something outside the government's reach, since its decentralized design means no one can mess with its supply or policy.