- BIST10012,151-0.94%
- USD49.34+0.24%
- EUR55.21-0.01%
- GOLD4,221.80+0.74%
- INTEREST37.00%-1.00
- BITCOIN83,574+2.23%
- October 13, 202617°
- BIST10012,151-0.94%
- USD49.34+0.24%
- EUR55.21-0.01%
- GOLD4,221.80+0.74%
- INTEREST37.00%-1.00
- BITCOIN83,574+2.23%
- October 13, 202617°
Bitcoin climbs above $80,000 for first time since May
Bitcoin gained more than 4% over the past 24 hours and was trading at $80,545 as of 8:20 a.m. Türkiye time.
Bitcoin gained more than 4% over the past 24 hours and was trading at $80,545 as of 8:20 a.m. Türkiye time. The cryptocurrency thus climbed above the $80,000 level for the first time since May, bringing its weekly gain to 26%.
According to CoinMarketCap data, the total value of the global cryptocurrency market, including Bitcoin, rose 3.44% over the past 24 hours to reach $2.7 trillion. Ethereum, the second-largest cryptocurrency by market capitalization, also rose approximately 1% to around $2,503.
Bitcoin gains 28% in August
Bitcoin gained 28% in August, heading toward its highest monthly gain since November 2024. The sharp market rally accelerated after Bitcoin gained more than 20% over three days last week.
As prices rose rapidly, more than $4 billion in futures positions betting on a decline were liquidated. These liquidations were a factor in accelerating Bitcoin's upward movement.
Markets watch comments by U.S. Treasury Secretary Bessent
Comments by U.S. Treasury Secretary Scott Bessent stood out among the rally's macroeconomic factors. Bessent announced that the United States would double its buybacks of long-term government bonds.
The move aims to reduce maturity risk in the market and place greater emphasis on short-term bonds in financing. Bond yields declined briefly after the decision, while demand for riskier assets strengthened again.
Concerns over global inflation and rising public debt also increased interest in assets with limited supply. Fears of financial repression, currency depreciation and declining purchasing power are driving investors toward limited-supply assets such as gold and Bitcoin.
Spot Bitcoin funds attract $1.92 billion in inflows
Institutional demand for Bitcoin also strengthened again. Spot Bitcoin exchange-traded funds listed in the United States recorded net inflows of $1.92 billion last week.
This was the highest weekly fund inflow recorded since October, when Bitcoin reached its peak in the previous cycle. It also drew attention that MicroStrategy, described as the world's largest institutional Bitcoin investor, made no new purchases over the past two weeks.
Analysts maintain a cautious stance
Despite the sharp rise, caution continues to prevail in the market. Analysts noted that Bitcoin has been in a prolonged period of stagnation since October and recalled that prices initially declined after a similarly sharp rise in January 2023.
Under this assessment, Bitcoin later found support at its 200-day moving average before determining its direction. Whether a similar move will be repeated is among the main factors the market is watching.
Bitcoin supply capped at 21 million
Bitcoin was created in response to the 2008 financial crisis with the aim of establishing an independent digital currency system that operates without banks, governments or intermediaries. The cryptocurrency's supply is algorithmically capped at 21 million coins.
More than 20 million Bitcoins are currently in circulation. Unlike central banks, which can increase the money supply without limit, Bitcoin has a fixed supply, a factor that leads investors to view the asset as a hedge against crises in the financial system.
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