Bitcoin Surpasses 80,000 Dollars Amid US Dollar Weakness
5 sources across 4 countries · United Kingdom · Brazil · Pakistan · Thailand
Who reported this
- The Guardian
- Reuters
- UOL
- Dawn
- Bangkok Post
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.
Bitcoin rose above 80,000 dollars on Tuesday, reaching its highest level since mid May. The cryptocurrency hit a peak of 81,237.94 dollars during Asian trading hours. This surge follows a 16 percent increase after US President Donald Trump called on Congress to pass legislation providing clearer definitions for the cryptocurrency sector.
Market analysts attribute the price increase to a soft US dollar and investor anxiety regarding US national debt and fiscal deficits. Specifically, a plan by the US Treasury to buy back long dated bonds to cap long end yields has contributed to the dollar's decline. Some analysts describe this as a debasement trade, where investors move into physical and digital assets to avoid currency devaluation. Gold has also reached a three month high due to these same market conditions.
While center and center left sources emphasize the role of the soft dollar and Treasury actions, center left framing specifically highlights the momentum created by favorable legislative prospects and the desire of investors to avoid government intervention in the bond market.
How each side framed it
- Centre-left
- These sources emphasize the positive momentum from potential US legislation and the strategic move of investors into digital assets to hedge against currency debasement.
- Centre
- These sources focus on the macroeconomic instability, specifically the failure of Treasury buybacks to calm anxieties over national debt and fiscal deficits.
Sources
- Centre Bangkok Post: Baht set to rise further amid US worries
- Centre-left Dawn: Bitcoin rises above $80,000 as soft dollar, debasement fears boost momentum
- Centre Reuters: Bitcoin rises above $80,000 as soft dollar, debasement fears boost momentum - Reuters
- Centre-left The Guardian: Gold hits highest level in three months as traders worry about US inflation and bond market jitters – business live
- Centre-left UOL: Bitcoin price approaches 80,000 dollars
88% of the statements in this article were traced back to the source articles listed above.