Bitcoin Pushes Past Important Psychological Level of $80,000 — Market Talk

Bitcoin has reclaimed $80,000, which XS.com's Simon-Peter Massabni says is an important psychological level for cryptocurrency traders. The coin is gaining momentum from the Treasury's recent interventions in the bond market and a strengthening regulatory outlook for cryptocurrencies, Massabni says. A significant portion of Bitcoin's recent advance has been linked to the "debasement trade," in which investors gain more exposure to alternative assets due to concerns about weakened purchasing power from traditional currencies, he says. Some investors have interpreted the Treasury's recent push to ease yields could depreciate the U.S. dollar, Massabni says. ([email protected])