Bitcoin surpasses $80,000, driven by the relative weakness of the dollar and US regulatory support

The cryptocurrency with the largest market capitalization once again surpassed the $80,000 mark on Tuesday, a level it had not reached since May. The rise came amid a weak dollar and improved legislative prospects in the U.S., while investors barely reacted to new trade threats from Washington against Iran's allies.

Bitcoin's surge

During the Asian trading session, the cryptocurrency reached highs of around $81,200, though it later moderated its gains: the market's leading cryptocurrency rose 1.12% around 5:35 a.m. and stood at $79,812.50.

Since Wednesday, it has recovered nearly a quarter of its value, driven by President Donald Trump's support for the CLARITY Act, the bill aimed at regulating digital currencies in the U.S.

The dollar under pressure

The decline in U.S. bond yields, following the Treasury's announcement on Wednesday of an expanded debt-purchase program, is putting pressure on the U.S. currency.

Chris Beauchamp of IG notes that the repercussions of this intervention "reignite fears of further dollar depreciation," although the dollar retains its position as the dominant currency.

Concerns about federal debt are benefiting alternative assets such as cryptocurrencies and gold, although the precious metal retreated slightly on Tuesday.